Woojin B&G Achieves Record-High First-Half Operating Profit... Turnaround Driven by Exports and High-Value Vaccines

Woojin B&G (018620) achieved the highest operating profit in its history for the first half of this year, driven by increased overseas exports and the rising sales of high value-added animal vaccines. In addition to profitability improvements in its core business, its consolidated performance was significantly enhanced as its premium pet food subsidiary, OSP, continued to post profits.

On August 18, Woojin B&G announced that its consolidated sales for the first half of 2026 reached 2.98 billion won, with operating profit at 2.1 billion won. Sales increased by 6% compared to the same period last year, and operating profit surged by 231%. On a separate (standalone) basis, the company recorded sales of 1.6 billion won, operating profit of 1.5 billion won, and net profit of 1.4 billion won, continuing the growth trend in profit from its core business.

The main driver behind these improved results was the overseas business. Export volume increased significantly, especially to major global clients such as C.P. Vietnam, and the broader expansion of high value-added products like the PED (Porcine Epidemic Diarrhea) vaccine ‘PED-M’ led to enhancements in both sales and profitability. Additionally, cost structure improvements through management efficiency further amplified the growth in profit.

Subsidiary OSP (368970) also contributed to the improvement in consolidated results. As a premium pet food specialist, OSP recorded consolidated sales of 1.41 billion won and operating profit of 900 million won in the first half, maintaining consecutive quarterly profits. OSP plans to further expand its overseas sales channels in the second half of the year by promoting its private brand (PB) products.

In the second half, the results of its next-generation animal vaccine business are also expected to become visible. Woojin B&G has been selected as a core company for the 'Jeonbuk Special Self-Governing Province Next-Generation Veterinary Medicine Regulatory Free Zone' project, with a total project value of 26.4 billion won, and is leading the development and demonstration of a customized farm-self-made vaccine platform.

The self-made vaccine platform aims to develop vaccines that can respond to rapidly mutating diseases, such as Porcine Epidemic Diarrhea and Swine Influenza, tailored to each farm. Woojin B&G plans to secure a foundation for commercialization of the relevant technology and set the standard for the domestic self-made vaccine industry.

The company is also actively pursuing overseas expansion of its aquaculture vaccine business. Targeting the Asian iridovirus aquaculture vaccine market, estimated at close to 100 billion won, Woojin B&G has initiated local clinical trials in Indonesia to obtain marketing authorization for ‘Immunis MegaVac’.

Immunis MegaVac is an aquaculture vaccine of which cumulative domestic vaccinations are soon to reach 10 million fish. Starting with Indonesia, the company intends to grow its overseas aquaculture vaccine business by expanding sales to other Southeast Asian markets such as Thailand and Vietnam.

Based on the improved performance of its core business and the growth potential in new ventures, Woojin B&G also expects a corporate value re-rating in the future.

A Woojin B&G representative stated, “With booming overseas exports and the sustained profitability of subsidiary OSP, we recorded our highest-ever semiannual operating profit, demonstrating the strong fundamentals of our core business. Although ongoing neglect of small-cap stocks has left our share price significantly undervalued compared to its intrinsic value, continued profit growth supported by solid numbers should enable a recovery to fair value in the near future.”

Ultimately, Woojin B&G aims to simultaneously achieve a turnaround in results and a re-evaluation of corporate value, by raising profitability in its core business through overseas exports and high value-added vaccine sales, while also expanding the overseas reach of its next-generation self-made vaccines and aquaculture vaccines.

This content was produced with the assistance of AI translation services.