Samyang Foods Reports Record Q2 Performance..."Increased Ramen Demand Due to COVID-19"

[Asia Economy Reporter Yoo Hyun-seok] Samyang Foods achieved its highest-ever performance in the second quarter due to increased domestic and international food demand caused by the novel coronavirus disease (COVID-19).

Samyang Foods announced on the 14th that it recorded consolidated sales of 174 billion KRW and operating profit of 29.4 billion KRW in the second quarter. This represents a 30% and 41% increase, respectively, compared to the same period last year. It is the highest level ever.

Samyang Foods explained, "Exports surpassed 100 billion KRW for the first time on a quarterly basis, leading the second-quarter performance," adding, "Second-quarter export sales reached 108.9 billion KRW, a 56% increase compared to the same period last year."

The regions showing the largest export growth were China and the United States, with local sales increasing by 75% and 145%, respectively, compared to the same period last year.

Samyang Foods analyzed that this was due to increased demand for easy-to-eat foods to store amid COVID-19 and the strengthening of overseas distribution networks.

In addition, in the domestic market during the second quarter, sales reached 65.1 billion KRW, a 1.7% increase compared to the same period last year, led by products such as 'Yeolmu Bibimmyun' and 'Challenge! Buldak Bibimmyun.'

Samyang Foods stated, "In the second half of the year, we plan to launch new domestic products in the 'Buldak' series," and added, "By diversifying overseas entry channels and actively engaging in brand marketing such as online advertising, we expect to achieve the highest performance this year."