Samyang Foods reports 13% net profit rise in 2020
Samyang Foods reported a 13 percent increase in net profit in 2020 to 68 billion won ($60 million).
The maker of spicy Buldak noodles achieved 648.5 billion won in consolidated revenue last year, up 19.3 percent on year.
Revenue generated from export accounted for almost 60 percent at 370.3 billion won. The revenue from export grew 35.8 percent on year, while domestic sales inched up 2.7 percent during the same period.
The company in part credits social distancing for the strong sales.
It said the exports were led by sales to China and Southeast Asian countries, while the slight increase in domestic sales was from introducing new products in collaboration with other brands.
The company plans to improve its sales structure abroad, which is currently concentrated in certain regions and on certain products. It adds that it plans to roll out various new products in Korea that are both healthy and eco-friendly in line with current trends.
Samyang Foods, best known for its instant noodles, also sells spicy sauce, kimchi and eggs.
BY JIN MIN-JI [firstname.lastname@example.org]