Seoul: Samsung Biologics Co., the biotech division of the Samsung Group, announced on Wednesday a significant 41.6 percent increase in its first-quarter net profit compared to the previous year. This growth was attributed to the company's high-capacity utilization at its primary production facilities.

According to Yonhap News Agency, in the quarter ending in March, Samsung Biologics reported a net profit of 469.1 billion won (US$308.2 million), rising from 331.3 billion won in the same period last year. The company disclosed this information in a regulatory filing. Additionally, the operating profit saw a 35 percent year-on-year rise to 580.8 billion won, while sales grew by 25.8 percent to reach 1.25 trillion won.

The operating profit figures aligned with the average estimates provided by a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. However, the estimated net profit was not disclosed. Samsung Biologics credited its robust earnings to the full utilization of its four plants located in Songdo, near Seoul, and the increased production capabilities at its newly established fifth plant.

The company continues to expand its contract manufacturing and development business, with cumulative orders now totaling $21.4 billion. Recently, Samsung Biologics completed the purchase of a manufacturing facility in Rockville, Maryland, previously operated by Human Genome Sciences. The facility was acquired from the British multinational pharmaceutical firm GSK plc for 413.6 billion won, a move aimed at bolstering its global supply network.

In a separate initiative, Samsung Biologics is set to establish a local base for Eli Lilly's Lilly Gateway Labs in Songdo. This effort is part of the company's strategy to reinforce global partnerships, further enhancing its position in the international biotech sector.