Samyang Overtakes 'Undisputed Leader' Nongshim to Claim Top Ramen Spot with 'Buldak Power' and 820,000 Won Stock Price

No. 1 in Operating Profit in the Ramen Industry
Driven by Increased Overseas Sales

Samyang Foods, which recorded its highest operating profit since its founding last year, has overtaken Nongshim, the undisputed leader in the domestic ramen industry, to claim the top spot in operating profit.

A citizen is purchasing Buldak Bokkeummyeon at a large supermarket in downtown Seoul. Photo by Yonhap News

According to the food industry on February 12, Samyang Foods posted an operating profit of 344.2 billion won last year, a 133% increase compared to the previous year. This is the first time Samyang Foods’ annual operating profit has surpassed 300 billion won. The main driver was the increased proportion of highly profitable overseas sales. Since the full-scale export of 'Buldak Bokkeummyeon' began in 2016, the company has maintained growth for eight consecutive years. Samyang Foods’ export ratio expanded from 68% in 2023 to 77% as of the third quarter of last year.

This performance was also reflected in the company’s stock price. On February 6, Samyang Foods’ stock price surpassed 800,000 won, buoyed by its record-breaking results last year. It reached an all-time high of 828,000 won during trading. Having surged 250% last year to become the leading stock in the food and beverage sector, attention is focused on whether Samyang Foods can continue its strong upward trend in share price this year, driven by the global 'Buldak fever.'

Buldak Bokkeummyeon 11th Street Live Commerce.

The industry expects that once the second Miryang plant, scheduled for completion in May, begins full operations, overseas sales growth will accelerate further. Ryu Eunae, a researcher at KB Securities, stated, "With the second Miryang plant set for completion in May and commercial production scheduled for July, the proportion of sales from North America and Europe is expected to rise rapidly, and improvements in the average selling price (ASP) mix will become more pronounced." She added, "Based on strong demand, the utilization rate of the second Miryang plant is expected to increase quickly."

In contrast, Nongshim’s operating profit last year was 163.1 billion won, down 23.1% from the previous year, and about half that of Samyang Foods. Nongshim’s operating profit dropped from 212 billion won in 2023 to the 100 billion won range last year. However, in terms of sales, Nongshim recorded 3.4387 trillion won, about twice as high as Samyang Foods’ 1.73 trillion won.

A Nongshim representative explained, "Although sales increased slightly, operating profit decreased due to higher costs. These included increased promotional expenses resulting from sluggish domestic market consumption, as well as rising material costs caused by a stronger exchange rate."