Samyang Foods achieved its highest quarterly performance ever, thanks to the popularity of its "Buldak Bokkeummyeon."
According to the Financial Supervisory Service on the 15th, Samyang Foods recorded a consolidated revenue of 529 billion won and an operating profit of 134 billion won in the first quarter of this year. Both revenue and operating profit increased by 37% and 67%, respectively, compared to the same period last year. This marks the first time that quarterly operating profit has exceeded 100 billion won.
Overseas sales drove the performance. The first quarter's overseas sales amounted to 424 billion won, rising 47% year-on-year. Overseas sales accounted for about 80% of Samyang Foods' total sales for the first quarter.
The revenue of Samyang America, a subsidiary in the U.S., increased by 62% compared to the first quarter of last year, reaching $9.1 million (approximately 127.1 billion won). A representative from Samyang Foods noted, "Performance in North America improved, centered around Walmart, which has finished its entry across the United States."
Samyang Foods Shanghai Co., Ltd., a subsidiary in China, recorded revenue of 610 million yuan (approximately 118.1 billion won), an increase of 22% compared to the same period last year.
The European subsidiary, established in July of last year, generated sales of 16 million euros (approximately 25 billion won) in the first quarter, ramping up its entry into major distribution channels in the region, such as Albert Heijn and REWE.
A representative from Samyang Foods said, "When the Miryang 2 Plant is completed next month, we expect that the synergy effect with overseas subsidiaries will increase due to expanded production capacity," adding, "We will focus on diversifying export countries and reducing costs through improved production efficiency to continue quantitative and qualitative growth."