Woogene B&G, a bio company specializing in veterinary medicines and a KOSDAQ-listed firm, said on the 20th that on a separate basis last year it posted sales of 30.2 billion won and operating profit of 2.2 billion won. Those figures rose 14% and 100%, respectively, from a year earlier.
The company said the growth came from steadily supplying products in the domestic market while developing export channels in Southeast Asia and Latin America. A Woogene B&G official said, "Our technological competitiveness built in veterinary medicines and vaccines is being proven in the numbers."
Woogene B&G will also push a reverse stock split. At the 41st regular shareholders meeting set for the 27th, a proposal will be submitted to amend the articles of incorporation to raise the par value per share from 500 won to 2,500 won.
The reverse split aims to adjust the number of shares outstanding to an appropriate level to ease stock price volatility and to avoid being a "penny stock," which could damage the company's image. In the stock market that day, Woogene B&G closed at 698 won.
The company plans to secure new growth engines by expanding its premium pet food business globally and launching a new vaccine lineup. A Woogene B&G official said, "Based on the recent improvement in results, we are moving in earnest to restore profitability, and the company's value will gradually be re-evaluated going forward."