"US Carbobuldak Craze"... Samyang Foods Q1 Operating Profit Increased by 235%

Achieved Sales of 385.7 Billion KRW, Operating Profit of 380.1 Billion KRW
Overseas Sales Soar 83%... Driving Explosive Growth
Foreign Exchange Gains from High Exchange Rates Also Contributed

As the Carbo Buldak craze sweeps the United States, Samyang Foods' operating profit in the first quarter increased by more than 200% compared to a year ago.

Samyang Foods announced on the 16th that its consolidated operating profit for the first quarter reached 80.1 billion KRW. This represents a 235% increase compared to the same period last year. During the same period, sales rose 57% to 385.7 billion KRW.

Exports drove Samyang Foods' explosive growth in the first quarter. Overseas sales amounted to 288.9 billion KRW, an 83% increase from a year earlier. Samyang Foods explained, "Sales surged across all regions, centered on overseas subsidiaries."

In particular, high sales growth rates were recorded in the United States and China. Accelerated entry into major channels such as Walmart and Costco in the U.S. and the popularity of Carbo Buldak Bokkeummyeon helped Samyang America achieve sales of 56.5 million USD, a 209.8% increase compared to the same period last year.

Samyang Foods Shanghai Co., Ltd., the Chinese subsidiary, recorded sales of 500 million CNY, growing 194% year-on-year. Strengthening online distribution channels and diversifying products such as Yangnyeom Chicken Buldak Bokkeummyeon and Buldak sauce were effective.

As the proportion of overseas sales expanded significantly, operating profit also rose sharply. Consequently, the share of overseas sales in total sales increased from 64% in the first quarter of last year to 75% in the first quarter of this year. Higher profitability compared to domestic sales and foreign exchange gains due to a strong exchange rate were fully reflected in operating profit.

A Samyang Foods official said, "The sharp increase in overseas sales and the foreign exchange gains from the strong exchange rate greatly expanded profitability in the first quarter. In the second quarter, we will continue our growth by strengthening local customized strategies centered on overseas subsidiaries and focusing on expanding sales channels."

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