Samyang Foods' Operating Profit Up to Q3 Surpasses Last Year's Total

Q3 Sales of 167 Billion KRW, Operating Profit of 23.3 Billion KRW Achieved... Overseas Sales Up 41% YoY

[Asia Economy Reporter Lee Seon-ae] Samyang Foods announced on the 13th that it recorded sales of 167 billion KRW and an operating profit of 23.3 billion KRW on a consolidated basis for the third quarter (July to September). Sales and operating profit increased by 21% and 11%, respectively, compared to the same period last year.

Strong export performance continued in the third quarter. Overseas sales in the third quarter amounted to 99.3 billion KRW, a 41% increase compared to the same period last year. Thanks to sustained demand due to the prolonged COVID-19 pandemic and a strategy to strengthen the sales network, sales rose evenly across all regions. The country showing the greatest growth was the United States. Sales increased by 140% year-on-year due to expanded distribution channels, including entry into major markets such as Costco.

In the domestic sector, Samyang Foods expanded its Buldak brand lineup by launching Cream Carbonara Buldak Bokkeummyeon and Kimchi Buldak Bokkeummyeon in the third quarter, and strengthened Buldak sauce marketing, achieving sales of 67.7 billion KRW, slightly higher than last year.

In particular, exports, which incur lower selling and administrative expenses compared to domestic sales, maintained a strong trend, leading to a sharp increase in operating profit. The cumulative operating profit up to the third quarter reached 79.5 billion KRW, surpassing last year's full-year operating profit of 78.2 billion KRW.

A Samyang Foods official said, "In a difficult domestic and international business environment due to the prolonged COVID-19 pandemic, overseas sales in the third quarter increased by 41% year-on-year through expanded distribution channels and marketing in China, the United States, and other countries." He added, "In the fourth quarter, we will focus on expanding domestic and overseas sales by launching new products and conducting year-end promotions."