[Asia Economy Reporter Lim Chun-han] CJ CheilJedang achieved record-high sales and operating profit for the first quarter, driven by the domestic and international popularity of Bibigo dumplings and other products.
CJ CheilJedang announced on the 10th that its consolidated sales for the first quarter of this year were 6.1781 trillion KRW, up 6.0% year-on-year, and operating profit was 385.1 billion KRW, an increase of 39.6%, based on preliminary figures.
Sales in the food business segment reached 2.3064 trillion KRW, up 2.0%, and operating profit increased by 51.7% to 176.4 billion KRW. Among these, domestic food sales grew by 6.7%. Bibigo brand products and key items such as "Hetbahn" showed double-digit sales growth rates, and online sales also increased by more than 20%.
On the other hand, overseas food sales decreased by 1.2% to 1.026 trillion KRW. CJ CheilJedang explained, "The market share of Bibigo dumplings in major U.S. retail channels has continuously expanded, and sales increased mainly online in China. However, sales converted to Korean won declined due to the depreciation of the won against the dollar."
Sales in the bio business segment rose 14.7% to 777.3 billion KRW, and operating profit increased 50.7% to 77.0 billion KRW. CJ Feed & Care (feed and livestock) sales grew 8.1% to 587.4 billion KRW, and operating profit surged 68.7% to 88.9 billion KRW.
CJ CheilJedang stated, "We will accelerate growth by preparing for the future through innovative product development and strategic R&D investment."
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