Hyundai Green Food Q2 Operating Profit 24.4 Billion KRW... "Benefiting from Reopening in Group Catering" (Comprehensive)

Hyundai Green Food Smart Food Center. / Photo by Hyundai Green Food

[Asia Economy Reporter Song Seung-yoon] Hyundai Green Food announced on the 12th through a public disclosure that its consolidated sales for the second quarter were tentatively estimated at 923.364 billion KRW, an increase of 7.41% compared to the same period last year.

Operating profit was 24.423 billion KRW, a decrease of 5.67% compared to the same period last year. Net profit for the period was recorded at 27.812 billion KRW, an increase of 11.01%.

Due to the impact of reopening (resumption of economic activities), profitability improved in group catering, food ingredient distribution, and dining-out businesses, and sales increased due to the expansion of new orders. On the other hand, the deterioration of the performance of the affiliate Hyundai Livart was a cause of the decrease in operating profit. Hyundai Livart posted an operating loss of 286 million KRW in the second quarter of this year on a consolidated basis. Hyundai Green Food holds a 42% stake in Hyundai Livart.

On a separate basis under Korean International Financial Reporting Standards (K-IFRS), Hyundai Green Food's second-quarter operating profit, excluding Hyundai Livart's performance, was 22 billion KRW, an increase of 34.8% compared to the same period last year. Sales increased by 11.8% to 444.1 billion KRW, and net profit rose by 17.1% to 16.6 billion KRW.

A Hyundai Green Food official said, "Sales increased in all sectors and profitability improved," adding, "In the group catering sector, performance improved due to the effect of price increases for major clients' meal plans and recovery of the number of meals served, and the expansion of new orders such as supplying food ingredients to military units and the recovery of the dining-out business had an impact."