Q4 Sales and Operating Profit Each Grow 24% Year-on-Year
Achieving 4 Trillion KRW in Sales and 110 Billion KRW in Operating Profit in 2024
[Asia Economy Reporter Lim Hye-seon] SPC Samlip achieved its highest-ever performance last year.
SPC Samlip announced on the 20th that its sales and operating profit last year reached 2.947 trillion KRW and 65.8 billion KRW, respectively, marking increases of 15.9% and 28.6% compared to the previous year. Fourth-quarter sales and operating profit were preliminarily estimated to have grown 24% year-on-year.
Both major business pillars, bakery and food, showed balanced growth, resulting in strong sales and operating profit. In particular, sales from the online business recorded 96.3 billion KRW, growing 133% year-on-year due to the expansion of the online distribution platform.
Along with this, SPC Samlip presented a new management goal to take a step further as an “omni food platform company” encompassing bakery, food, online, and offline, aiming to achieve 4 trillion KRW in sales and 110 billion KRW in operating profit (consolidated basis) in 2024.
To this end, the company will actively expand its food business, including broadening the home meal replacement (HMR) category. It will also strengthen online channels through digital transformation and accelerate the creation of high value-added new markets such as food tech.
To strengthen the food business, SPC Samlip plans to build a convenient meal portfolio focused on health and premium segments, targeting related sales of 250 billion KRW by 2024. It will solidify market dominance in sandwiches and salads and actively nurture individual brands such as Greek Schwein (processed meat) and I’m Baker (home baking). The company will also newly enter the frozen home meal replacement market under the Citideli brand.
The online business will also be strengthened. The raw material distribution platform “Sangnok Welga,” which is currently focused on business-to-business (B2B) transactions, will be developed into a direct-to-consumer (D2C) distribution platform. The company plans to actively expand dawn delivery and live commerce businesses to grow into a 300 billion KRW scale business.
Additionally, SPC Samlip will actively nurture food tech businesses such as the launch of “Just Egg” and eco-friendly brands like “Chobani” to target the high value-added premium market. It will also focus on developing export-specialized brands such as Samlip Hobang, Samlip Hotteok, Haimeon, and Yakgwa to strengthen overseas business.
Hwang Jong-hyun, CEO of SPC Samlip, said, “We will devote all efforts to securing future growth engines through business strategies that reflect changing consumer and distribution environment trends to achieve the 2024 vision.” He added, “We will strive to secure differentiated technology through expanded R&D investment and strengthen ESG management that leads the creation of a healthy food culture to enhance corporate and shareholder value.”
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