CJ CheilJedang's net income quadruples in second quarterCJ CheilJedang said Tuesday that its net income quadrupled in the second quarter from a year ago as demand for ready-made foods and other foodstuffs rose sharply amid the Covid-19 pandemic.
Net profit came to 158 billion won ($133.3 million) in the April-June period, sharply increasing from 39.5 billion won a year ago, CJ CheilJedang said in a regulatory filing.
Operating profit more than doubled to a record 384.9 billion won from 175 billion won a year earlier, with sales rising 7.4 percent to 5.92 trillion won.
The strong second-quarter results stemmed from robust sales at home and abroad.
Overall sales at its food business amounted to 2.19 trillion won in the second quarter, up 12.1 percent from a year ago, with its sales in overseas markets growing 26 percent to 1.49 trillion won, the company said. In Korea, the increasing popularity of home meal replacements, such as pre-cooked food and meal kits, helped its food business sales perform well, CJ CheilJedang said.
Driven by brisk sales, its operating profit in the food business more than doubled to 126.4 billion won. Shares of CJ CheilJedang closed up 3.86 percent at 443,500 won on the Seoul bourse.