SEOUL, February 06 (AJP) - Samyang Foods reported a 133 percent surge in operating profit to 344.2 billion won ($258.2 million) for 2024, driven by strong overseas sales of its "Buldak" spicy instant noodles, the company said Thursday.
Annual revenue rose 45 percent to 1.73 trillion won, while net profit increased 115 percent to 272.3 billion won. The company's operating profit exceeded 300 billion won for the first time, boosted by higher-margin overseas sales.
The export ratio increased from 68 percent in 2023 to 77 percent by the third quarter of 2024, primarily due to growing demand in the United States and Europe. The company plans to expand production capacity with its second Miryang factory scheduled to begin operations in June.
The company's operating profit margin improved from 12 percent in 2023 to 20 percent in 2024, marking eight consecutive years of growth since Buldak products entered global markets in 2016.
However, potential U.S. tariff increases under the Trump administration could affect Korean food exports, including Samyang's Buldak products, in the company's largest overseas market.
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