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Nongshim's 2024 net falls 8.1 percent on higher costs

Published: 12 Feb. 2025, 18:26

Ramyeon and snack packages are on display at a supermarket in Seoul. [YONHAP]

Nongshim, Korea's leading instant noodle maker, said Wednesday its overall net profit fell 8.1 percent in 2024 from a year earlier on lower demand and higher costs.

Net profit for the year of 2024 fell to 157.63 billion won ($108 million) from 171.46 billion won a year ago, the company said in a regulatory filing.

“Increased marketing costs amid sluggish domestic consumption and higher raw material costs due to a weak won ate away at the quarterly results,” a company spokesperson said by phone.

Operating profit plunged 23 percent to 163.07 billion won last year from 212.06 billion won the previous year.

Sales rose 0.8 percent to 3.44 trillion won from 3.41 trillion won during the same period.

Nongshim earns nearly 40 percent of its total ramyeon sales in overseas markets, including the United States, China and Japan.

It has six domestic plants and six overseas ones — two in the United States and four in China. It sells instant noodle products represented by its flagship noodles Shin Ramyun, Chapagetti and Neoguri in global markets.

Yonhap