Samyang Foods to record highest sales in Q1

Samyang Foods, an instant noodle manufacturer here, is expected to see the highest sales in the company’s history in the first quarter of this year, with sales of instant noodles showing notable growth amid the COVID-19 outbreak.

According to the industry on Wednesday, Samyang Foods’ total sales in the first quarter is expected to see an increase of 30 percent from a year earlier, with its exports recording over 75 billion won ($60.8 million) in the first quarter. That figure is more than 45 percent increased from last year’s 51.8 billion won.

Samyang Foods is the manufacturer of the globally popular Buldak Spicy Chicken instant noodle series.

Its export sales witnessed a surge from key markets of China and the US, with the increase rates posting at 50 percent for China and 100 percent in the US.

Domestic sales also increased by 10 percent on-year, with the figure expected to reach over 75 billion won in the first quarter this year.

“With the spread of COVID-19, outdoor dining culture has seen a decline across the globe, leading to an increased demand of instant noodles,” a Samyang official said.

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