"Nongshim Reports Operating Profit of 106.1 Billion KRW Last Year Amid Rising Material and Logistics Costs, Down 33.8% YoY"

[Asia Economy Reporter Eunmo Koo] Nongshim announced on the 10th that its operating profit last year was 106.1 billion KRW, down 33.8% from the previous year. During the same period, sales increased by 0.9% to 2.663 trillion KRW, while net profit decreased by 33.2% to 99.6 billion KRW.

Nongshim explained, "Profits declined due to increased cost burdens from rising raw material prices as well as higher logistics and labor costs and other overall management expenses."

As the burden of raw material costs such as flour and palm oil and logistics expenses increased, Nongshim raised the prices of all ramen products, including Shin Ramyun, by an average of 6.8% in August last year. The price increase rates were 7.6% for Shin Ramyun, 6.1% for Ansungtangmyun, and 4.4% for Yukgaejang Sabalmyeon. This was the first time Nongshim raised ramen prices in 4 years and 8 months since December 2016.

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