"Raw Material and Logistics Cost Increase" Samyang Foods Reports 65.5 Billion KRW Operating Profit Last Year, Down 31% YoY

[Asia Economy Reporter Eunmo Koo] Samyang Foods announced on the 8th that its consolidated operating profit for last year was preliminarily estimated at 65.5 billion KRW, down 31.3% from the previous year. During the same period, sales decreased by 1.0% to 642 billion KRW, and net profit fell by 17.1% to 56.3 billion KRW.

However, in the fourth quarter of last year, sales increased by 27.7% year-on-year to 192.8 billion KRW, and operating profit and net profit also rose by 37.4% and 129.8% to 21.7 billion KRW and 17.5 billion KRW, respectively. Overseas sales in the fourth quarter reached 124.9 billion KRW, up 48.4% compared to the same period last year.

Samyang Foods stated, "Although sales last year were similar to the previous year, operating profit and net profit decreased due to rising costs of key raw materials and maritime logistics." However, "in the fourth quarter, we achieved the highest quarterly performance due to the effect of ramen price increases and the expansion of overseas sales channels and export items, and we expect growth to continue in the first quarter of this year."

On the same day, Samyang Foods held a board meeting and separately announced the approval of share repurchase, dividend increase, and the introduction of an electronic voting system. Regarding the share repurchase, the company plans to acquire shares worth 7 billion KRW to enhance stock value, and the repurchased shares will be used as a performance reward plan for executives and employees in the future.

Additionally, to enhance shareholder value, a cash dividend of 1,000 KRW per common share was decided. The dividend amount increased by 200 KRW compared to the previous year, with a total dividend amount of 7.53 billion KRW. Samyang Foods will introduce an electronic voting system at the regular shareholders' meeting scheduled for the 23rd of next month to facilitate shareholder convenience.

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