Samyang Overtakes Nongsim in Earnings with Spicy 'Buldak' Ramen
Creatrip Team
a year ago
Samyang Foods, known for sparking a global craze with their spicy 'Buldak' noodles, reported a record operating profit of 344.2 billion KRW ($289 million) for last year, marking a 133% increase from 2023, and surpassing their traditional rival, Nongsim, for the first time in decades. This surge is attributed to the increasing demand from overseas markets like the U.S. and Europe, despite a sluggish domestic market. With high export margins, Samyang's export share jumped to 77% by the end of last year. Due to the overwhelming export demand, there have been supply issues in local stores, causing shortages. Meanwhile, Nongsim's earnings have dropped, and their new product, 'Shin Ramyun Tumba,' is popular but hasn't compensated for domestic market challenges. Nongsim is planning to boost their global presence to increase overseas revenue. The market cap of Samyang Foods is now approximately three times that of Nongsim.
