'Samyang Foods Achieves Record High Performance Again with "Buldak Bokkeummyeon Syndrome"... Operating Profit Up 100%'

Sales Surpass 400 Billion KRW... 49% Increase Year-on-Year
Overseas Sales Centered on the US Exceed 300 Billion KRW for the First Time
"Accelerating Sales in Key Export Regions such as the US and Europe"

Samyang Foods has once again achieved record-breaking performance, fueled by the global 'Buldak Bokkeummyeon syndrome.' With rapidly increasing export volumes, its operating profit for the first and second quarters of this year alone reached 169.5 billion KRW, surpassing last year's full-year results.

On the 14th, Samyang Foods announced that it recorded consolidated sales of 424.4 billion KRW and operating profit of 89.4 billion KRW in the second quarter of this year. Compared to the same period last year, sales increased by 48.7% and operating profit by 103.2%.

Both quarterly sales and operating profit are the highest ever. Compared to the earnings surprise in the first quarter of this year, sales and operating profit increased by 10% and 11.6%, respectively.

Samyang Foods Performance

In the second quarter, overseas sales surpassed 300 billion KRW for the first time, reaching 332.1 billion KRW. This is a 74.9% increase compared to the same period last year. The share of overseas sales in total sales expanded to 78%. The U.S. market led the overseas sales in the second quarter. Samyang America, the U.S. subsidiary, achieved sales of 71.4 million USD (approximately 97.2 billion KRW), a 125% increase compared to the same period last year, thanks to expanded entry into major retail channels and the local popularity of Carbo Buldak Bokkeummyeon.

As a result, the cumulative operating profit for the half-year reached 169.5 billion KRW, surpassing last year's full-year operating profit of 147.5 billion KRW.

A representative from Samyang Foods said, “Unlike the early export phase centered on Asia, recently the U.S. and Europe have been driving growth in the overseas sector. With the recent establishment of a European subsidiary, we now have sales bases in all major export regions. Based on this, we will further accelerate our efforts to penetrate local markets.”

Meanwhile, to target the European market, Samyang Foods recently established a European sales subsidiary in North Holland, Netherlands. The European region’s share has expanded from 6% in 2019 to 15% last year, and to 19% in the first half of this year, becoming one of Samyang Foods’ major export regions.

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