Samyang Foods tops W600b in sales in 2020, setting record

Samyang Foods achieved record sales of 648.5 billion won ($572 million) and an operating profit of 95.3 billion won in 2020 despite the COVID-19 pandemic, the South Korean food company said Friday.

Samyang Foods, which produces the globally popular Buldak Spicy Chicken Noodle, said both its sales and operating profit jumped last year from a year earlier, by 19.3 percent and 21.9 percent, respectively.

Sales from overseas backed the sales growth, having increased 35.8 percent on-year to record 370.3 billion won, the company said. Exports accounted for 57 percent of total sales in 2020.

Samyang Foods said it focused on some of its flagship products for overseas sales and also worked to make its distribution network more efficient.

The food manufacturer witnessed its sales in China and Southeast Asia grow 20 percent and 18 percent, respectively, alongside 120 percent on-year growth in the US market.

Domestically, the company saw sales grow 2.7 percent on-year.

“This year, we will improve on the sales structure that is concentrated on specific regions and products to strengthen the export division. At the same time, we will introduce various new products meeting the popular trends focused on health and the environment in Korea,” a Samyang Foods official said in a press release.

By Jo He-rim (herim@heraldcorp.com)