Amorepacific Group's net rose 1,224% last year

Amorepacific Group headquarters in Yongsan District, central Seoul [AMOREPACIFIC GROUP]

Amorepacific Group reported a net profit of 292 billion won ($244 million) in 2021, up 1,224 percent compared to 2020.

The company slightly beat the FnGuide market consensus of a net profit of 220.4 billion won.

Annual revenue was 5.3 trillion won, up 8 percent, also beating the market expectation of 5.17 trillion won.

It suffered a net loss of 73.1 billion won in the fourth quarter compared to a loss of 84.9 billion won the previous year, or down 14 percent. Revenue rose 12.6 percent on year to 1.4 trillion won in the quarter.

Cosmetics subsidiary Amorepacific, 50.19 percent owned by Amorepacific Group, reported a net profit of 180.9 billion won in 2021, jumping 727.7 percent on year.

Revenue was 4.86 trillion won, up 9.7 percent.

The company said online sales of cosmetics drove growth, which rose 40 percent on year.

Its tea brand Osulloc had a good year thanks to rising sales of gifticons — mobile coupons bought online. It reported revenue of 65 billion won in 2021, up 36.2 percent on year. Operating profit surged 3,386 percent to 3.2 billion won.

In the fourth quarter, Amorepacific had a net loss of 54.4 billion won, compared to a 58.9 billion loss in the same quarter the previous year, a 7.6 percent decline. Revenue rose 14.5 percent to 1.3 trillion won.

The cosmetics company said sales in China, which account for 70 percent of Asian sales outside Korea, dropped 10 percent due to many Innisfree stores shutting down.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]