'Spin-off' Hyundai Green Food, 1Q Sales 174.5 Billion KRW · Operating Profit 10.5 Billion KRW

Reflecting only March settlement results based on the split establishment date
Operating profit of 32.7 billion KRW when combining January to March for the newly established corporation

Hyundai Green Food, a newly established corporation through a spin-off, announced on the 11th that it recorded consolidated sales of 174.5 billion KRW and an operating profit of 10.5 billion KRW for the first quarter of this year.

A company representative explained, "Since Hyundai Green Food became a newly established company due to the spin-off, the first quarter performance was announced based on the spin-off establishment date (March 1), reflecting only the settlement results for the month of March. Therefore, there is no previous year's performance to compare with the first quarter results of this year."

Hyundai Green Food resolved the agenda to spin off into a holding company and an operating company at the extraordinary general meeting of shareholders in February, and was split into the surviving corporation Hyundai G.F. Holdings and the newly established corporation Hyundai Green Food as of March 1.

Meanwhile, to help investors and the market better understand the first quarter operating results, Hyundai Green Food separately announced the recalculated performance for each segment for the first quarter of last year and this year through an IR material.

The first quarter results of last year were aggregated by combining the business division results of the newly established corporation before the spin-off from January to March 2022, and the first quarter results of this year were calculated by adding the business division results of the newly established corporation before the spin-off from January to February 2023 and the results of the newly established corporation after the spin-off in March.

According to this, Hyundai Green Food recorded sales of 533.7 billion KRW and an operating profit of 32.7 billion KRW in the first quarter of this year. Compared to the first quarter results of last year (sales of 453.2 billion KRW, operating profit of 18.3 billion KRW), sales increased by 17.5% and operating profit increased by 64.2%, respectively.

A company representative stated, "With the endemic phase, sales have shown a favorable trend across the entire food service, including group catering, food ingredients, and dining-out businesses, leading to a significant increase in operating profit. In particular, both sales and operating profit achieved record-high levels on a quarterly basis."

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