Samyang Food posted overwhelming operating profits by riding on the popularity of Buldak Ramen and overpowering competing companies.
In the second quarter, Nongshim and Ottogi saw their operating profits decrease by 18.6% to 437 billion won and by 4.6% to 616 billion won, respectively, compared to the same period last year.
Meanwhile, Samyang’s operating profit in the second quarter was the highest among the three companies at 894 billion won.
The operating profit for the first half of this year reached 1.695 trillion won, surpassing last year’s milestone of 1.475 trillion won, the first time in the company’s history to achieve operating profit in the 1 trillion won range within half a year.
The surprise performance in the second quarter is attributed to the rapid growth of overseas operations.
Samyang Food’s overseas sales exceeded 3 trillion won for the first time at 3.321 trillion won.
The proportion of overseas sales accounts for 78% of the total revenue.
If this trend continues, Samyang Food, the third-largest player in the ramen industry, is expected to rise to the top position in terms of annual operating profit in the industry this year.