Daesang Reports Operating Profit of 144 Billion KRW in Q3, Up 30.3% YoY

Daesang announced on the 14th that its consolidated operating profit for the third quarter of this year reached 143.6 billion KRW, marking a 30.3% increase compared to the same period last year.

During the same period, sales rose by 3% to 3.2105 trillion KRW.

Daesang explained that the improvement in operating profit was due to better performance in the materials business segment and its consolidated subsidiaries.

They also analyzed that the global food inflation, which has led to a preference for home-cooked meals, significantly increased global demand for convenience foods and sauces, positively impacting profit improvement.

However, the domestic food business segment saw a 12.9% decrease in operating profit on a cumulative basis for the third quarter due to the domestic demand slump. During this period, sales increased compared to the same period last year, driven by higher export and overseas sales volumes of kimchi, sauces, convenience foods, and seaweed.