Samyang Foods Q2 Operating Profit 27.3 Billion KRW... "Sales Driven by Overseas Exports"

[Asia Economy Reporter Song Seung-yoon] Samyang Foods achieved record-high performance in the second quarter of this year, with both sales and operating profit increasing, driven by strong overseas business including exports of the 'Buldak' brand.

Samyang Foods announced on the 12th through a public disclosure that its consolidated sales for the second quarter of this year were tentatively estimated at 255.3 billion KRW, a 73% increase compared to the same period last year. Operating profit recorded 27.3 billion KRW, up 92%.

The second quarter performance was led by overseas business. Export sales in the second quarter increased by 110% compared to the same period last year, reaching 183.3 billion KRW, setting a new quarterly export record. Diversifying export countries and the Buldak portfolio was effective. The company expanded export destinations beyond China and Southeast Asia to markets in the Americas, Middle East, and Europe, and built the Buldak family brand by expanding the portfolio with locally customized products such as Habanero Lime Buldak Bokkeummyeon and Buldak sauce.

In the domestic market, summer season products such as Bibim Milmyeon and Yeolmu Bibim Myeon, along with snacks Jjangu and Buldak sauce, which gained great popularity with Jjangu character sticker Ttibuseal, led to sales of 72 billion KRW, a 19.4% increase compared to the same period last year.

A Samyang Foods official said, "Despite the burden of rising costs, we achieved strong performance both domestically and overseas in the last quarter thanks to strengthened sales capabilities and favorable exchange rate effects. Moving forward, we will continue to focus on expanding overseas markets while striving to secure profitability and maintain solid growth."