SEOUL - APR Corp., under the leadership of CEO Byunghoon Kim, has reported a substantial uptick in its third quarter earnings for 2023. The company's revenues surged to KRW 122 billion (approx. $94.8 million), with operating profits reaching KRW 21.7 billion (approx. $16.87 million), marking increases of 28% and nearly threefold year-on-year growth, respectively. This performance boost is attributed to the company's thriving beauty division, which saw significant sales in its AGE-R devices and medicube cosmetics.
The company's international revenues saw a dramatic increase, soaring by over half to KRW 56.1 billion in Q3 alone. This growth was driven by robust overseas demand for its beauty devices, including the AGE-R device, which sold over 750,000 units—a nearly 50% jump from the previous year. Products like the Zero Pore Pad and the Booster Healer device also contributed to the company's success.
APR Corp. is now setting its sights on further expansion and corporate stability as it gears up for a stock market launch in the first half of 2024. The preliminary review request for this move was submitted in September, indicating the company's strategic efforts to ensure systematic growth across its portfolio of brands, which includes medicube, AGE-R, NERDY (whoisnerdy), Aprilskin, FORMENT, GLAM.D Bio, and Photogray.
APR's CEO has expressed a commitment to revolutionizing the industry through strategic global diversification while maintaining a focus on core brands. With cumulative figures approaching last year’s total with record-breaking sales at KRW 371.9 billion and operating profits at KRW 69.7 billion, APR Corp.'s beauty division has been a key driver of growth.
The strong Q3 performance and international success have positioned APR well as it prepares for its upcoming initial public offering (IPO). The company's systematic approach to stable corporate management is expected to bolster its prospects upon entering public markets next year.
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