Nongshim, Shin Ramyun grow overseas business...record operating profit last year

Nongshim announced on the 14th that its operating profit last year hit a record high, driven by growth in overseas business and the launch of new products.

The overseas division, in particular, delivered remarkable results, with over half of the operating profit generated through overseas operations, mainly centered around Shin Ramyun.

Operating profit from overseas subsidiaries increased by 125% compared to the previous year.

The U.S. subsidiary saw a 10.4% increase in sales and a 131.4% increase in operating profit, driven by the operation of its second factory, which led to increased sales through local distribution channels.

Despite a sluggish domestic market, the Chinese subsidiary recorded a 411% increase in operating profit.

Meanwhile, in the domestic market, the launch of new products had a significant impact.

New products such as Meoktaegkang (Crunchy Snack), Shin Ramyun The Red, and Bbangbujang (Bread Master) garnered attention from consumers, with over half of domestic sales attributed to new product sales.

Nongshim plans to continue its growth trajectory, focusing on international markets this year.

It is expected to increase production lines at its second factory in the U.S., aiming to increase market share in the U.S. and Mexican markets while expanding its product lineup to cater to consumer preferences in various overseas countries.

Nongshim's CEO stated, "Even amidst global inflation, we achieved significant success in overseas markets by offering delicious products at affordable prices, gaining consumer preference."

According to the company's report, Chairman Shin Dong-won received a total of 1.68971 billion won in salary and bonuses last year, marking a 5.9% increase compared to the previous year.