Bullsone posts record first-half sales, operating profit

Bullsone, a specialist automotive products company, said Wednesday it achieved record sales and operating profit on a consolidated basis in the first half of this year, extending its steady growth momentum.

The company posted first-half consolidated sales of 91.2 billion won ($64.6 million) and operating profit of 7.3 billion won. Sales and net profit for the period rose 13 percent and 79 percent, respectively, from a year earlier, while operating profit grew 3 percent over the same period.

For the second quarter, Bullsone recorded sales of 44.8 billion won and operating profit of 1.5 billion won. Sales climbed 11 percent year-on-year, though operating profit fell 6 percent.

The company said consistent technology investment and a product diversification strategy contributed to the results. Particularly strong was the EZ Clean TPE Car Mat, which uses TPE — a next-generation material — and saw second-quarter sales surge 300 percent from a year earlier.

Steady sales of its flagship fuel additive, Bullsone Shot Signature Deep Clean, also underpinned stable revenue. New products — the Bullspower Engine Coating Signature Deep Lube and the Tinkerbell Air Candle Deodorizer — drew positive responses and added to the growth.

A brand campaign marking the 30th anniversary of Bullsone Shot also resonated with consumers. The campaign featured broadcaster Kim Sung-joo and Shin Woo-hyun, South Korea's only Formula 3 driver, and surpassed 10 million views on YouTube.

For the second half, Bullsone plans to sharpen the competitiveness of its core product lines and accelerate expansion of its business portfolio. The company intends to broaden its online-exclusive product lineup to significantly strengthen its e-commerce presence, while using a diversified product portfolio strategy to build a firmer foundation for sales growth.

Alongside this, Bullsone plans to diversify its export markets and expand contact with local partners and customers by participating in trade shows and exhibitions in key markets including the United States and China.

The company will also continue shareholder-return policies aimed at enhancing corporate value. Bullsone plans to make treasury share buybacks and cancellations a regular practice, consistently sharing business results with shareholders.

"It is meaningful to have extended our steady growth by setting a new record for first-half sales," said Jeon Jae-ho, chief executive of Bullsone. "In the second half, we will strengthen the competitiveness of our core businesses, diversify our portfolio to broaden the foundation for sustainable growth, and consistently carry on our shareholder-friendly policy of sharing business results with our shareholders."