Samyang Foods CEO Who Surpassed 1 Trillion Won in Sales: "We Will Grow 20% This Year as Well"

CEO Kim Dong-chan "Expecting Overseas Sales to Surpass 70%"
No Plans to Lower Ramen Prices Despite Falling Wheat Prices
"Raw Material Costs Persist... Manufacturing Expenses Continue to Rise"

Kim Dong-chan, CEO of Samyang Foods, stated, "With the expansion of shipments to the United States and Europe, we aim to increase sales by more than 20% this year," adding, "The proportion of overseas sales will also surpass 70%."

After the shareholders' meeting held on the 28th at the headquarters in Hawolgok-dong, Seongbuk-gu, Seoul, Kim made these remarks to reporters.

Kim Dong-chan, CEO of Samyang Foods, is being interviewed after the regular shareholders' meeting held on the 28th at the headquarters in Hawolgok-dong, Seongbuk-gu, Seoul. (Photo by Lim On-yu)

Founded in 1961, Samyang Foods reached the milestone of "10 trillion KRW in sales and 100 billion KRW in operating profit" for the first time last year. On a consolidated basis, last year's sales amounted to 1.1929 trillion KRW, with an operating profit of 147.5 billion KRW. Sales increased by more than 30% compared to the previous year.

Kim said, "We have set a goal to increase sales by 20% this year as well," adding, "We plan to complete the Miryang Plant 2 by the first half of 2025 to prepare for the increasing volume."

The rapid growth of Samyang Foods is attributed to the increase in overseas sales. Last year, overseas sales rose by 34% year-on-year to 809.3 billion KRW. The proportion of overseas sales reached 68%, the highest level among domestic food companies. Kim stated, "Considering the continuous expansion of shipments to the United States and Europe, we expect the proportion of overseas sales to exceed 70% this year."

Regarding plans to lower ramen prices following the recent decline in international wheat prices, Kim drew a clear line. He explained, "Although wheat prices have fallen, the prices of other raw materials are rising," adding, "Additionally, expenses such as gas and electricity used in product manufacturing are increasing, so we are making efforts to avoid raising prices as much as possible."

He also expressed confidence in new strategic products such as Maetang. Kim said, "We are working to expand products like Maetang and sauces besides Buldak Bokkeum Myun," adding, "We will demonstrate this through sales this year."