[Public Notice+] Uyang Reports Operating Profit of 4.4 Billion KRW in H1, Up 38% YoY

[Asia Economy Reporter Jang Hyowon] Food manufacturing company Wuyang continues its performance growth through expanded distribution channels such as overseas exports.

Wuyang announced on the 11th that its sales in the first half of the year reached 68.2 billion KRW, a 21% increase compared to the same period last year. Operating profit and net profit were approximately 4.4 billion KRW and 2.9 billion KRW, rising by 38% and 64%, respectively.

Wuyang's second-quarter performance showed strong sales in the HMR (Home Meal Replacement) segment as the number of 'homebodies' increased due to the impact of the novel coronavirus (COVID-19). The company cited securing new sales channels such as overseas exports, increased popularity of new products, and expanded revenue related to beverage bases supplied to coffee franchises as factors driving sales growth.

A Wuyang representative stated, “We are continuing the upward trend in performance through diversification of distribution channels and increased sales of core products. In the second half of the year, as beverage base sales, which began recovering from June, become full-fledged, solid growth is expected to continue.”

Wuyang's peak season is the second half of the year when demand for its main product, hot dogs, increases. When the new Janghang hot dog factory, scheduled for completion at the end of this year, begins operation, the production capacity of frozen hot dogs will significantly increase from 50 billion KRW to 120 billion KRW. Sales of cheese balls and beverage bases, launched last year, are also expected to become full-fledged in the second half of the year.

This content was produced with the assistance of AI translation services.