Regular Shareholders' Meeting at Ottogi Central Research Institute on the 26th
Reappointment of CEO Hwang and Internal Directors Approved
Hwang Seong-man, CEO of Ottogi, stated, "We will strengthen our global market penetration this year." This plan aims to overcome the domestic market slump by increasing the overseas sales ratio, which was below 10% last year. Additionally, like Nongshim, Ottogi does not plan to raise or lower ramen prices.
At the regular shareholders' meeting held on the 26th at Ottogi Central Research Institute in Dongan-gu, Anyang, Gyeonggi Province, CEO Hwang said, "In 2024, Ottogi will lead market changes and enhance competitiveness in the global market to achieve good results."
On the 26th, Ottogi's regular shareholders' meeting was held at Ottogi Central Research Institute in Dongan-gu, Anyang, Gyeonggi.
Ottogi's overseas sales ratio stands at about 9.6% of total sales. Of the KRW 3.4545 trillion in consolidated sales last year, overseas sales amounted to only KRW 332.526 billion.
Considering that competitors Nongshim and Samyang Foods have overseas sales ratios of around 40% and 60%, respectively, this is a relatively low level.
An Ottogi official said, "This year, to strengthen our overseas market penetration in the U.S., Vietnam, and other countries, we plan to modify existing products to suit local tastes and sell them."
Like Nongshim, Ottogi has no plans to raise or lower ramen prices this year. Earlier, Shin Dong-won, chairman of the Nongshim Group, stated, "We do not have plans to raise ramen prices this year." Recently, with the decrease in flour prices, pressure to lower prices of processed foods such as ramen has increased. An Ottogi official said, "Due to the domestic recession, consumers are tightening their wallets, and the business environment is unfavorable," adding, "Currently, we do not plan any price changes."
At the shareholders' meeting, the reappointment of CEO Hwang and Ryu Ki-jun, head of the Manufacturing Safety Division, as inside directors was approved. Additionally, the agenda to add solar power generation business to the company's business objectives was passed as originally proposed. The plan is to sell surplus electricity generated from the currently owned solar power facilities.
CEO Hwang said, "Last year was a challenging year facing various geopolitical risks and economic uncertainties, but Ottogi achieved good business results through effort and innovation," adding, "This year, we will strengthen win-win development with Korean agriculture and ESG management to achieve even better results."
Meanwhile, Ottogi's consolidated sales last year increased by 8.5% compared to the previous year, and operating profit rose by 37.3% to KRW 254.9 billion. Net profit for the same period was KRW 161.68136 billion, a decrease of 41.9% compared to the previous year.
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