Ottogi Reports 33.8% Increase in Operating Profit Last Year... Impact of Convenience Food Boom

[Asia Economy Reporter Seungjin Lee] Ottogi achieved strong performance last year, supported by increased demand for home meal replacements (HMR) due to the impact of COVID-19.

Ottogi announced on the 8th that its consolidated sales last year reached 2.5958 trillion KRW, and operating profit was 198.4 billion KRW, up 10.0% and 33.8% respectively from the previous year. Net profit increased by 5.6% to 105.3 billion KRW.

Ottogi explained, "Sales of home meal replacements as well as ambient, refrigerated, frozen foods, and noodles increased," adding, "We proactively reduced selling and administrative expenses to cut costs."