Kim Jeong-su, Samyang Foods Vice Chairman, "Overcoming Challenges Through Overseas Market Expansion and Strengthening Domestic Market"

Samyang Foods resolved three agenda items, including adding real estate investment and construction, leasing, management, brokerage, development, sales, and tourism as business purposes, at the 62nd regular general meeting of shareholders held on the 29th at Samyang Foods headquarters in Hawolgok-dong, Seongbuk-gu, Seoul. The existing director remuneration limit of 6 billion KRW was also approved.

At the meeting, Kim Jeong-su, Vice Chairman and CEO of Samyang Foods, who presided as chairman, emphasized, "We will overcome difficulties by achieving the goals of actively pioneering overseas markets and strengthening the domestic market through the establishment of new overseas subsidiaries, brand expansion, and diversification of sales portfolios."

The 62nd Annual General Meeting of Shareholders held on the 29th at Samyang Foods headquarters in Hawolgok-dong, Seoul.
[Photo by Samyang Foods]

Vice Chairman Kim said, "Last year, abnormal weather, logistics crises, prolonged international conflicts, and intensified export restrictions caused raw material and logistics costs to rise sharply. The high-intensity tightening monetary policy from the U.S. and China’s zero-COVID policy increased uncertainty in the global economy," adding, "International organizations forecast that this year, due to inflation, interest rate burdens, and continued global economic bloc formation, the global real economy will remain sluggish, with increased risks of additional tightening and liquidity crises in financial institutions, heightening concerns in the global financial markets."

He continued, "Despite these economic conditions and external variables, our company carefully analyzed the changing management environment, and our executives and employees united to implement progressive and proactive management strategies across production, sales, and other fields," adding, "As a result, we were able to achieve record-high performance, including the operation of the new Miryang factory and receiving the $400 million Export Tower award due to overseas market expansion."

Last year, Samyang Foods achieved an operating profit of 90.3 billion KRW, a 38% increase from the previous year, and sales of 909 billion KRW, a 42% increase. This was the highest performance since the company’s founding, with notable growth in the overseas business sector. Samyang Foods’ overseas sales last year increased by 56% year-on-year to 605.7 billion KRW, surpassing 600 billion KRW for the first time.

Vice Chairman Kim stated, "As part of shareholder-friendly policies, we are striving to practice advanced ESG management, including conducting the company’s first-ever interim dividend," and "we implemented the interim dividend last year to share a portion of the improved business performance with shareholders, and we plan to continue paying appropriate dividends to enhance shareholder value in the future."