Samyang Foods Leading with 'Buldak', Operating Profit Up 133% Last Year... Record High Performance

Sales Reach 1.73 Trillion KRW, Up 45%
Operating Profit Surpasses 300 Billion KRW for the First Time at 344.2 Billion KRW
Export Ratio Hits 77%... "Miryang Plant 2 to Accelerate Overseas Expansion"

Samyang Foods achieved record-high performance once again last year as the popularity of the 'Buldak' brand soared.

Samyang Foods announced on the 5th through a public disclosure that its consolidated sales last year were tentatively estimated at 1.73 trillion KRW, a 45% increase compared to the previous year. Operating profit during the same period rose 133% to 344.2 billion KRW, and net profit also increased by 115% to 272.3 billion KRW.

This marks the highest performance since the company's founding, with Samyang Foods continuing its growth streak for eight consecutive years since the export of 'Buldak Bokkeum Myun' began in 2016. In particular, operating profit surpassed 300 billion KRW for the first time ever due to an increase in the highly profitable overseas segment. The operating profit margin also expanded from 12% in 2023 to 20% last year, reflecting improved profitability. Samyang Foods' export ratio rose by about 10% within a year, from 68% in 2023 to 77% as of the third quarter of last year.

The rapid increase in overseas demand, driven by the spreading popularity of the Buldak brand in the United States and Europe to the point where meeting supply was challenging, led to the record performance. Based on its export hub, the Miryang factory, Samyang Foods responded to overseas demand while strengthening its local presence through customized events for local Buldak brand customers and large-scale brand campaigns, focusing on expanding its overseas business.

Especially, as 'Carbo Buldak Bokkeum Myun' became a hot topic on social media (SNS) in the United States, entry into major local market channels such as Walmart and Costco progressed rapidly. The recall of the nuclear Buldak Bokkeum Myun in Denmark not only in Europe but worldwide drew attention to the Buldak brand.

Samyang Foods Headquarters Exterior.

A Samyang Foods official said, "The Buldak brand's position is becoming stronger not only in Asia but also in the Americas and Europe, and overseas demand is expected to continue increasing in the future." He added, "Once Miryang Plant 2, scheduled for completion in June, begins full operation, we will be able to accelerate the expansion of overseas sales."

Meanwhile, after recording an earnings surprise in the first quarter last year, Samyang Foods continued to grow every quarter, surpassing the previous year's annual sales and operating profit within just three quarters. This strong growth was recognized for its corporate value, leading to its selection as a component of the Korea Value-Up Index.

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