Samyang Foods announced on Feb. 1 that its sales and profit structure increased significantly, with preliminary figures of 1.19 trillion won in sales and 146.8 billion won in operating profit on a consolidated basis last year.
This is the first time the company has exceeded 1 trillion won in sales and 100 billion won in operating profit since its establishment. Compared to the previous year, sales increased 31%, operating profit increased 62%, and net profit increased 56% to 124.9 billion won.
Last year, Samyang Foods significantly expanded its overseas sales based on the synergy between its overseas subsidiaries and the Milyang plant. In the third quarter, overseas sales exceeded 200 billion won for the first time, and in the fourth quarter, the company generated 13 billion won in sales at China's largest shopping festival despite a slowdown in the local economy. In the U.S., the company has completed its entry into Walmart and Costco and is accelerating its entry into mainstream channels.
"Our focus on the global market, centered on overseas subsidiaries, has led to solid growth," said an official from Samyang Foods. "This year, we will maintain the growth trend of overseas business and create new growth opportunities by fostering strategic brands such as buldak and new businesses."
