Samyang Foods Surpasses KRW 1 Trillion in First-Half Sales on the Strength of the "Buldak" Phenomenon

Operating Profit Reaches KRW 120.1 Billion, Sales Hit KRW 553.1 Billion in Q2
Operating Margin at 21.7%
Overseas Growth Accelerates Rapidly

Samyang Foods announced on August 14 that its consolidated operating profit for the second quarter reached KRW 120.1 billion, a 34% increase compared to the same period last year. During the same period, sales rose by 30% to KRW 553.1 billion.

Cumulative sales and operating profit for the first half of the year amounted to KRW 1.0821 trillion and KRW 254 billion, respectively, representing increases of 33.6% and 49.9%. The operating margin stood at 21.7%.

Second-quarter overseas sales were recorded at KRW 440.2 billion, up 33%. Growth continued in China and the United States, while the European subsidiary also showed growth as it began to establish a local presence in earnest. The Chinese subsidiary achieved sales of CNY 650 million, up 30%, driven by the launch of localized new products and expansion of distribution channels. The U.S. subsidiary posted sales of USD 94 million, a 32% increase. The European subsidiary, established in July last year, recorded sales of EUR 32 million, double the amount from the previous quarter.

Meanwhile, on August 12, Samyang Foods held a board meeting and decided to pay an interim cash dividend of KRW 2,200 per common share. Last year's interim dividend was KRW 1,500. Kim Jungsoo, Vice Chairman of Samyang Foods, received KRW 762.7 million in compensation from the company in the first half of this year.