Hanmi Science, the holding company of Hanmi Group, significantly improved its profitability in the second quarter, driven by solid growth at its subsidiaries and strong performance in its pharmaceutical distribution business.
Hanmi Science reported second-quarter revenue of 367.9 billion won on a consolidated basis, up 8.7% from a year earlier, according to a preliminary disclosure on the 28th. Operating profit rose 70.9% to 59.1 billion won, while net profit increased 54.2% to 43.7 billion won. Cumulative first-half revenue reached 721.6 billion won, up 7.6% from the same period a year earlier. Over the same period, operating profit stood at 92.7 billion won and net profit at 86 billion won, continuing a stable growth trend.
The improvement in earnings was led by growth at major affiliates including OnlinePharm, the pharmaceutical distribution business, and Hanmi Pharmaceutical. OnlinePharm posted second-quarter revenue of 305.7 billion won, driven by the expansion of its domestic distribution business centered on ethical drugs (ETC). This represents an increase of 19.1 billion won from a year earlier. Results from Hanmi Pharmaceutical's technology transfer agreement for sonepegludutide with Eli Lilly were also partly reflected in the consolidated results, helping improve profitability, analysts said.
Hanmi Science is accelerating its transition into an operating holding company by expanding its own businesses, including health functional foods and dermo-cosmetics. It recently launched the health functional food brand "NPLE" and the dermo-cosmetics brand "ADESII," broadening its business into the wellness and beauty markets. The strategy is to move away from the traditional holding company structure, which relies on affiliate dividends and brand fees, and to cultivate its own businesses as a new growth axis.
"The solid growth of our core subsidiaries and our efforts to strengthen the competitiveness of our own businesses have translated into stable results," Hanmi Science CEO Kim Jae-kyo said. "We will maximize synergies among affiliates and expand our healthcare business portfolio to leap forward as a global healthcare company."
