This file photo taken Feb. 19, 2025, shows packages of Samyang Foods’ Buldak Bokkeummyeon at a large discount store in Seoul. (Image courtesy of Yonhap)
SEOUL, May 16 (Korea Bizwire) — Shares of Samyang Foods Inc., known for its globally popular Buldak spicy “ramyeon,” jumped nearly 20 percent after the company reported strong first-quarter earnings.
On Friday, Samyang Foods jumped 19.07 percent to 1.18 million won (US$846), far outperforming the broader Korea Composite Stock Price Index (KOSPI), which ended up 0.21 percent.
The rally followed the company’s report of a 49 percent year-on-year gain in net profit in the January-March period.
Operating profit surged 67 percent on-year to an all-time high of 133.99 billion won, while sales rose 37 percent to a record high of 529.01 billion won.
Samyang Foods earned more than 80 percent of its total revenue from overseas markets.
Last year, the company’s exports surpassed the 1 trillion-won mark for the first time in its history, driven by strong sales of the Buldak ramyeon series, especially in the United States and China.
Samyang aims to exceed 1 trillion won in overseas sales this year by expanding its production capacity.
It currently operates three domestic plants, with a fourth scheduled for completion in the first half of this year.
The company also plans to begin construction of its first overseas plant in China in July. It currently has business operations in China, Japan, Indonesia, the Netherlands and the United States.
About 1 billion units of Samyang’s Buldak Bokkeummyeon, commonly known as “fire ramyeon,” are sold annually in 100 countries, according to the company.
Since its debut in 2012, cumulative sales of the hot chicken-flavored instant noodles have surpassed 7 billion units, generating more than 4 trillion won in revenue.
The Buldak ramyeon gained popularity after its intense spiciness ignited a viral food-eating challenge in 2014.
(Yonhap)
