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| ▲ This photo provided by Orion Corp. shows its product lineup. (PHOTO NOT FOR SALE) (Yonhap) |
food companies-sales increase
Orion, Pulmuone report more than 3 tln won in sales in 2024
SEOUL, Jan. 26 (Yonhap) -- Two South Korean food companies, Orion Corp. and Pulmuone Corp., are expected to surpass 3 trillion won (US$2.09 billion) in sales for last year on the back of the growing popularity of Korean cuisine and snacks, industry data showed Sunday.
Orion, a major confectionary company best known for its iconic Choco Pie, is forecast to achieve sales that rose 6.6 percent on-year to 3.1 trillion won and operating profit that advanced 11 percent to 546.3 billion won last year, according to earnings data compiled by Yonhap Infomax.
Orion attributed the sales growth last year to rising demand from China, Vietnam and Russia.
Pulmuone, renowned for plant-based food, such as tofu and soybean sprouts, is also expected to see a 6.5 percent increase in sales, reaching 3.19 trillion won, with operating profit of 83 billion won.
The company credited strong sales of tofu in the United States for the growth.
Including Orion and Pulmuone, a total of 11 South Korean food and beverage companies are projected to report annual sales exceeding 3 trillion won in 2024.
CJ Cheiljedang Corp., the No. 1 food company in South Korea, is expected to log 29.3 trillion won in sales and 1.56 trillion won in operating profit last year, maintaining its dominant industry leadership.
Other major players included Dongwon F&B Co. and Daesang Corp. with an estimated 4.45 trillion won and 4.22 trillion won in sales, respectively.
Lotte Wellfood Co. is expected to post 4.07 trillion won in sales last year, and Lotte Chilsung Beverage Co. is forecast to mark 4.04 trillion won in sales.
Nongshim Co., SPC Samlip Co., Ottogi Corp. and CJ Freshway Corp. are each projected to report sales of around 3.5 trillion won for the year.
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