After 26 years, a 'surprising result' "David has surpassed Goliath"... The changed landscape causes a stir

The "David" of the ramen market has surpassed the "Goliath."

Samyang Foods has surpassed Nongshim's operating profit for the first time since the electronic disclosure system began in 1998.

According to the food industry on the 12th, Samyang Foods' operating profit last year was 344.2 billion won.

It has exceeded twice the amount of Nongshim (16.31 billion won).

The secret to Samyang Foods' success is the spicy flavor craze represented by 'Buldak Bokkeum-myeon'. Since starting full-scale exports in 2016, it has continued a growth trend for eight consecutive years.

Especially, as the popularity of the Buldak brand rapidly increased in the United States and Europe, the export proportion expanded from 68% in 2023 to 77% as of the third quarter of last year.

A representative from Samyang Foods stated, "The surge in overseas demand has led to the highest-ever performance," and predicted, "Once the Miryang 2nd plant, scheduled to be completed in June, begins full operation, overseas sales will expand even further."

Meanwhile, Nongshim's operating profit last year was 163.1 billion won, a 23.1% decrease compared to the previous year. A Nongshim official explained, "The burden of sales promotion costs increased due to a slowdown in domestic market consumption, and profitability worsened as raw material costs rose due to the appreciation of the exchange rate."

In terms of sales revenue, Nongshim still maintains a scale twice that of Samyang Foods, with 3.4387 trillion won compared to 1.73 trillion won. However, market evaluations have clearly changed.

As of the closing price on the 12th, Samyang Foods' market capitalization was 6.1997 trillion won, three times that of Nongshim (2.1228 trillion won). In particular, the stock price of Samyang Foods soared to 828,000 won on the 6th, setting a new record high.

Researcher Ryu Eun-ae from KB Securities stated, "With the Milyang 2 Factory scheduled to be completed in May, the sales proportion in North America and Europe will increase further," and predicted, "Based on strong demand, the factory utilization rate will also rise rapidly."

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Samyang has surpassed Nongshim.

It's really amazing that due to the surge in overseas demand, the performance has reached an all-time high ^^