Nongshim said on the 14th that operating profit on a consolidation basis for the third quarter of this year came to 54.4 billion won, up 44.6% from a year earlier.
Sales rose 2.4% from a year earlier to 871.2 billion won. Quarterly net profit increased 37.1% to 50.6 billion won.
A Nongshim official said, "Sales increased on the back of growth at overseas subsidiaries," and noted, "The rise in operating profit can be seen as a base effect, as the prices of Shin Ramyun and Shrimp Cracker were cut in July 2023, which led to a sharp drop in operating profit in the third quarter of last year."
Nongshim raised prices for key products, including restoring Shin Ramyun and Shrimp Cracker prices to pre-cut levels in March, and as a result third-quarter results improved significantly.
However, third-quarter operating profit this year is lower than operating profit in the third quarter of 2023 before the price cut (55.7 billion won).