APR Corp., a leading player in the beauty technology sector, has reported a significant upswing in its third quarter earnings for 2023. The company's revenue and operating profit have shown impressive year-over-year increases of 28% and nearly 73%, respectively. These results were disclosed on Monday, with revenues hitting KRW 122 billion ($94.8 million) and operating profits reaching KRW 21.7 billion ($16.87 million).
The company's beauty division has been a substantial contributor to this growth, particularly with its medicube cosmetics line and AGE-R devices, which saw unit sales soar to 750,000 in Q3 alone. This figure represents an increase of almost 50% from the previous year. Products such as the Booster Healer device and Zero Pore Pads have been significant drivers of this success.
In addition to the success of individual products, APR's established brands like APRILSKIN and FORMENT have maintained a consistent year-over-year growth rate of about one-third. This steady performance has been a key factor in the company's overall expansion.
Notably, APR has also made significant strides in international markets. Overseas revenue surged by over half to KRW 56.1 billion in Q3, nearly matching the entire previous year’s international earnings after just three quarters. This increase is attributed largely to the rising demand for beauty gadgets globally.
Looking ahead, CEO Byunghoon Kim has outlined strategic diversification plans in anticipation of the company's stock market launch. Following a preliminary review submission for listing last September, APR is gearing up for an initial public offering (IPO) in the first half of next year. Kim has emphasized that these moves are part of a broader strategy to ensure stable and systematic operations pre-listing while fortifying the company's market presence both domestically and internationally.
The announcement on November 14 revealed that cumulative sales were nearing last year's total at KRW 371.9 billion while operating profits had already surpassed the previous full-year amount at KRW 69.7 billion. These figures underscore the company's robust financial performance as it prepares for its upcoming IPO.
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