"Overseas Subsidiary Local Stabilization" Samyang Foods, 2Q Operating Profit Increases by 61% (Comprehensive)

Significant Profitability Improvement in Overseas Subsidiary Shenzhen
Interim Cash Dividend Set at 1,000 KRW per Share
Kim Dong-chan Appointed as New Co-CEO

Samyang Foods posted strong second-quarter results as its overseas subsidiaries in the United States and China performed well.

Samyang Foods announced on the 11th through a disclosure that its consolidated operating profit for the second quarter of this year was 44 billion KRW, a 61.2% increase compared to the same period last year. Sales during the same period rose 11.8% to 285.4 billion KRW.

Overseas sales in the second quarter reached 189.9 billion KRW, up 3.6% year-on-year, setting a new quarterly record for exports. In particular, the successful establishment of sales subsidiaries in the United States and China, which began operations last year, led to improved profitability and a significant increase in operating profit.

Domestic sales recorded 95.5 billion KRW, up 32.6% year-on-year, reflecting steady growth across major business sectors such as noodle snacks, sauces, and frozen foods, as well as increased sales from Samyang Logistics, a logistics affiliate benefiting from expanded export volumes, and sales from Samyang Roundhill (formerly Samyang Ranch), newly included as a consolidated subsidiary.

A representative from Samyang Foods said, “The strong export trend and growth of key affiliates, including overseas subsidiaries, drove the second-quarter performance. We will continue to expand investments in line with the company’s growth momentum.”

Meanwhile, Samyang Foods announced that it decided at a board meeting to pay an interim cash dividend of 1,000 KRW per share and to invest approximately 160 billion KRW in new facilities. The plan includes expanding the second factory with five additional production lines on the site of the Milyang plant, which was completed in May last year.

Additionally, due to personal reasons, CEO Jang Jae-sung resigned, and Kim Dong-chan, Executive Director and Head of Production, was appointed as the new co-CEO. Born in 1968, Kim graduated from Kyung Hee University with a degree in Food Processing and previously served as factory manager at Lotte Confectionery before joining Samyang Foods at the end of 2016. He subsequently served as factory manager of the Iksan plant in 2017, head of the noodle snack division in 2020, and has been leading the production headquarters since 2021. Based on his extensive experience in production, the new CEO Kim will oversee the construction of the Milyang second factory and focus on strengthening quality and reducing costs to secure Samyang Foods’ sustainable global competitiveness.

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