CJ CheilJedang’s net profit rose 65.5 percent in the second quarter as food sales were steady and the company’s bio business grew rapidly
With the humble dumpling, Korea is establishing another beachhead in the world markets, its mandu together with K-pop, "Parasite," cars and handsets building the national brand overseas and boosting sales.
CJ CheilJedang’s net profit fell 51.6 percent on year in the first quarter to 218.76 billion won (($195.32 million), mainly due to a one-off item related to a payment in the first quarter of 2020 for a property disposal.
CJ CheilJedang’s net profit rose more than 300 percent in 2020 as it sold 1 trillion-won worth of Bibigo dumplings.
Lee Sun-ho, the son of CJ Group Chairman Lee Jay-hyun, returned to CJ CheilJedang on Monday, a year after he was caught trying to smuggle drugs.
Food company CJ CheilJedang is building another mandu, or dumpling, production facility in the United States, aiming to have 70 percent of its overseas sales come from the U.S. market.
CJ CheilJedang’s Bibigo sold 1 trillion won ($902 million) of mandu, or dumplings, this year.
CJ Group named new CEOs at key companies, including CJ CheilJedang, as part of its annual personnel reshuffle.
CJ CheilJedang reported more than a thousand percent jump in consolidated on-year net profit in the third quarter on improved business.
Big companies have been hit hard by the pandemic, with 11 of the 15 largest reporting revenue drops in the first half.