Ottogi Operating Profit 254.8 Billion KRW... Increased 37% Thanks to Sauces and Convenience Foods

Sales of 3.4545 trillion KRW... 8.5% increase compared to last year
Joheung's results consolidated, improving last year's performance
Net profit decreased by 41.9% due to merger base effects

Last year, Ottogi's operating profit increased by 37% compared to the previous year, driven by strong sales of home meal replacements (HMR) and sauces.

Ottogi announced on the 19th that its consolidated operating profit for last year was tentatively estimated at 254.8 billion KRW, a 37.3% increase from the previous year. During the same period, sales rose 8.5% to 3.4545 trillion KRW.

Sales of sauces such as ketchup (product name Kechap) and mayonnaise (product name Mayones), as well as key HMR products like Ottogi rice and cup rice, showed strong performance, leading to improved results.

Additionally, since the performance of Johung, in which Ottogi holds a 48.93% stake, has been consolidated from the fourth quarter of 2022, last year's sales and operating profit appeared higher compared to the previous year.

However, net profit for the period decreased by 41.9% to 161.6 billion KRW. An Ottogi official explained, "The decrease in net profit is due to a reverse base effect caused by the absorption merger of Ottogi Holdings and Ottogi Logistics Services in 2022."

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