February 2, 2024
SEOUL – South Korean food manufacturer Samyang Foods said Wednesday it posted 1.19 trillion won ($893 million) in sales and 146.8 billion won in operating profit last year — the highest figures in the company’s history.
According to the company, its sales and operating profit rose by 31 percent and 62 percent, respectively, while its net profit increased by 56 percent to 124.9 billion won.
Samyang Foods attributed the upbeat sales to its bestselling Buldak Spicy Chicken Ramen series in overseas markets, particularly in China and Europe.
On China’s Singles Day, an annual shopping festival on Nov. 11, the company logged 13 billion won. In the US, it was able to drive up sales by entering key retail outlets including Walmart and Costco in the fourth quarter.
“Our focus on global markets has led to solid growth,” said an official from Samyang Foods. “This year, we will maintain the growth momentum of overseas business and create new growth opportunities by fostering strategic brands.”
Currently, Samyang Foods operates three branches overseas, in the US, China and Japan.