Binggrae Q3 Sales Up 7% YoY: "Growth in Overseas and Online Markets"

Operating Profit Decreases by 1.1% to 64.7 Billion KRW

Binggrae announced on the 14th through a public disclosure that its consolidated operating profit for the third quarter of this year was tentatively estimated at 64.7 billion KRW, a 1.1% decrease compared to the same period last year. During the same period, sales increased by 6.8% to 463.8 billion KRW.

Thanks to the unusually hot summer peak season weather and strong sales of refrigerated and frozen products, solid sales growth was achieved. However, profitability slightly declined due to increased marketing expenses during the peak season and higher export sea freight costs.

On a cumulative basis for the third quarter, sales reached 1.1721 trillion KRW and operating profit was 130.6 billion KRW, representing increases of 5% compared to the same period last year.

A Binggrae official stated, “Despite the consumption slowdown caused by the economic recession, overseas sales growth, increased online sales, and the growth of new brands such as The:Protein contributed to improvements in both cumulative sales and operating profit on a consolidated basis for the third quarter compared to the same period last year.”