Nongshim's Operating Profit Up 5.7% Last Year... "Overseas Business Growth Drives Sales" (Comprehensive)
Nongshim surpassed 3 trillion KRW in sales for the first time ever last year, driven by growth in its overseas business.
Nongshim announced on the 9th that its consolidated operating profit for last year was preliminarily estimated at 112.2 billion KRW, a 5.7% increase compared to the same period the previous year. Sales rose 17.5% to 3.1291 trillion KRW. Net profit increased by 16.5% to 116 billion KRW.
Despite rising costs such as raw material price increases, strong sales in overseas markets helped protect the company's performance. In the domestic market, the effects of product price hikes implemented last year are analyzed to have been reflected starting from the fourth quarter results this year.
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A Nongshim official stated, "Sales increased due to strong overseas subsidiary sales, and operating profit rose slightly compared to the sales growth due to increased overall management costs such as raw material and transportation expenses," adding, "Net profit increased due to compensation received from the relocation of Nongshim's Qingdao factory in China."
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