Samyang Foods [003230] announced on February 5th that its consolidated sales for 2024 are provisionally estimated at 1.73 trillion won, with an operating profit of 344.2 billion won.
Sales increased by 45% compared to the previous year, and operating profit increased by 133%, achieving the best results since the company's establishment.
Net profit increased by 115% to 272.3 billion won.
Samyang Foods has continued its growth trend for eight consecutive years since 2016, when exports of Buldak Ramen began in earnest.
In particular, as the proportion of overseas business with high profitability increased, operating profit exceeded 300 billion won for the first time.
The operating profit margin increased significantly from 12% in 2023 to 20% last year.
Samyang Foods' export ratio increased by 9 percentage points in just one year, from 68% in 2023 to 77% in the third quarter of last year.
The surge in overseas demand due to the growing popularity of the Buldak brand in the United States and Europe led to the best performance ever.
As Carbo Buldak Ramen became a hot topic on US social media, entry into local mainstream market channels such as Walmart and Costco proceeded rapidly.
The recall of Nuclear Buldak Ramen by the Danish government became an opportunity to focus global attention on the Buldak brand.
An official from Samyang Foods said, "The position of the Buldak brand is becoming more solid in the Americas and Europe beyond Asia, and overseas demand is expected to continue to increase in the future." "When the Miryang Plant 2, which is scheduled to be completed in June, begins full-scale operation, we will be able to further accelerate the expansion of overseas sales."
Samyang Foods achieved an earnings surprise in the first quarter of last year, and has continued to grow every quarter since then. In just three quarters, cumulative sales and operating profit both exceeded the annual results of the previous year.
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