Spicy Chicken Writing New History Every Quarter... Samyang Foods Q3 Operating Profit Up 101%

Sales of 438.9 Billion KRW, Operating Profit of 87.3 Billion KRW Recorded
Cumulative Performance Already Surpasses Last Year's Annual Results
Continued Popularity of Buldak... Recognized in the US and Europe as Well

Samyang Foods showcased explosive growth in the third quarter, fueled by the global Buldak Bokkeum Myun (Hot Chicken Flavor Ramen) syndrome. The company recorded operating profits that increased by more than 100% compared to a year ago, surpassing the total sales and operating profits earned throughout last year by the third quarter of this year.

Samyang Foods announced on the 14th that its consolidated operating profit for the third quarter reached 87.3 billion KRW, a 101% increase from the same period last year. Sales during the same period rose 31% to 438.9 billion KRW. The operating profit margin was 19.9%.

Citizens purchasing Buldak Bokkeummyeon Photo by Yonhap News

The strong performance in the third quarter was driven primarily by overseas operations. Overseas sales increased by 43% compared to the third quarter of last year, reaching 342.8 billion KRW, accounting for 78% of total sales. A Samyang Foods representative explained, "The local customized strategies centered on overseas sales subsidiaries and the growing popularity of the Buldak brand in the US and Europe translated into sales, achieving the highest quarterly performance to date."

Samyang Foods’ cumulative sales from the first to the third quarter rose 44% year-on-year to 1.2491 trillion KRW, surpassing last year’s full-year sales of 1.1929 trillion KRW. Cumulative operating profit increased by 131% to 256.9 billion KRW. The cumulative operating profit had already exceeded last year’s full-year results in the first half of this year.

A Samyang Foods representative stated, “Not only in Asia but also in the US and Europe, the Buldak brand’s competitiveness is being recognized, securing a unique position in the global market. With the recently established sales subsidiaries in Indonesia and Europe settling into their local markets and the completion of the Miryang Plant 2 next year, we expect to accelerate our global market expansion even further.”