Nongshim reports 23% drop in operating profit amid rising costs and slow consumption

Nongshim announced on the 12th that its consolidated operating profit last year was 163.1 billion won, a decrease of 23.1% compared to the previous year. Sales increased by 0.8% to 3.4387 trillion won, but net profit fell by 8.1% to 157.6 billion won.

Nongshim noted, "Operating profit decreased due to increased costs from the burden of sales promotion expenses resulting from the slowdown in domestic market consumption and rising material costs due to exchange rate increases."