NH Nongwoo Bio, a KOSDAQ-listed company, reported a consolidated operating profit of 7.6 billion won for the first quarter of this year, marking a 56.6% increase from the same period last year on the 12th.
During the same period, sales and net profit rose to 37.4 billion won and 6.5 billion won, respectively, increasing by 11.7% and 23.0%. The company noted that the strong performance in the first quarter was largely driven by an expansion in overseas exports, increased sales of agricultural materials, and improvements in the performance of major overseas subsidiaries in the U.S., India, Indonesia, and Turkey.
Seed company NH Nongwoo Bio has declared this year as 'the inaugural year of overseas business leap' and is intensifying efforts to strengthen its competitiveness in overseas business with a focus on three global strategies. It is promoting the development of localized varieties and the enhancement of distribution networks primarily in key agricultural countries such as the U.S., India, Indonesia, and Turkey to facilitate the stable supply and expansion of region-specific varieties.
Additionally, by strengthening the capabilities in developing locally customized varieties, the company is intensifying the development of varieties optimized for local climates and soil environments by utilizing excellent research personnel abroad. The company emphasized that through the development of high-value-added varieties that reflect the needs and cultivation conditions of its overseas subsidiaries and transaction partners, it is swiftly responding to market demands by country and is working to strengthen local competitiveness. Furthermore, it is also entering emerging markets such as the Middle East, Europe, and Africa.
Yang Hyun-gu, CEO of NH Nongwoo Bio, said, "The vegetable seed market is an industry that continues to grow globally, and the company plans to continue expanding research and development (R&D) investments and improving profitability in line with this trend," and added, "We will do our best to ensure the company's sustained growth and enhance shareholder value."