Orion Group announced on Aug. 7 that Orion recorded 1.05 trillion won ($0.88 billion) in consolidated sales and 183.2 billion won ($155.2 million) in operating profit in the first half of 2020.
Compared to the same period last year, sales and operating profit grew 12.6% and 43.5% respectively, achieving their biggest operating profit in the first half of this year. In the second quarter, the company also posted a record operating profit of 515.1 billion won in sales and 86.2 billion won in operating profit.
The success was the results of Orion Group's continuous efficiency and profit-oriented management. In particular, overseas subsidiaries such as those in China, Vietnam, and Russia have grown significantly to more than double digits, achieving an operating profit ratio of 17 percent at the level of global food companies.
Compared to the same period last year, Chinese corporation's sales and operating profit increased by 15.1% and 54.1%. In particular, operating profit has grown significantly as data management through global integrated management and accurate forecasting of demand are shining.
Its Vietnamese subsidiary saw its sales and operating profit grow 22 percent and 106.5 percent in the first half. Sales and operating profits have grown together as MT Channel's direct payment system has increased, sales personnel have been streamlined, and new categories such as rice cookies and mass-production bread have continued to grow rapidly.
It plans to continue to release new snacks and pies so that it can continue to grow at a high rate in the second half of the year, while strengthening business activities for convenience stores and chain stores that have grown rapidly based on recent improvements in income levels.
Based on the even growth of the Choco Pie and biscuit products, the Russian corporation recorded the growths of 26.5 percent in sales and 105.4 percent in operating profit in the first half of this year.
Korean subsidiary saw its sales grow 5.4 percent and operating profit 19.6 percent in the first half. It maximized sales and profits through thorough data management such as goods production and inventory management in channels.
"As a result of our efficiency and profit-oriented management in the first half of the year, we will not only release new products that can lead the market in terms of operating profit, but also accelerate the implementation of new businesses that are new growth engines such as beverages and simple substitute foods in the second half of the year to make a second leap forward as a global general food company," said an official of Orion.
