Samyang Foods announced on the 14th that it recorded an operating profit of 120.1 billion won in the second quarter of this year on a consolidation basis. This figure represents a 34.2% increase compared to the same period last year. Notably, the cumulative sales for the first half of the year surpassed 1 trillion won for the first time.
According to the electronic disclosure system of the Financial Supervisory Service, Samyang Foods reported second-quarter sales of 553.1 billion won on a consolidation basis this year. This is a 30.3% increase compared to the same period last year. During this time, Samyang Foods' operating profit margin was 21.7%.
Cumulative sales for the first half of the year were tallied at 1.08 trillion won, a 33.6% increase compared to last year's first half of 810.1 billion won. Cumulative operating profit reached 254.1 billion won, an increase of 49.8% compared to the same period last year.
Looking at it by corporation, the Chinese subsidiary Samyang Foods Shanghai Co., Ltd. recorded second-quarter sales of 650 million yuan (approximately 125.5 billion won). This is a 30% increase compared to the previous year. The results are attributed to the launch of locally customized new products and the expansion of online and offline sales channels, according to Samyang Foods.
The U.S. subsidiary Samyang America achieved sales of $9.4 million (approximately 130.2 billion won), a 32% increase compared to the same period last year. It appears to be the result of expanding its presence in HEB and Sam's Club, following Walmart and Costco. The European subsidiary established in July last year also recorded sales of €32 million (approximately 51.8 billion won), double that of the previous quarter.
A representative from Samyang Foods noted, "Sales have expanded evenly across all regions, primarily through overseas sales subsidiaries," and added, "With the operation of the second factory in Miryang, we are able to smoothly support the increasing overseas demand and plan to gradually increase export volumes starting in the second half of the year. Based on the expanded production capacity, we aim to diversify our export destinations and proactively push forward tailored strategies for each country to create sustainable growth momentum."