31 Aug Korean food companies post record sales and profits during the pandemic
Posted at 17:34h in News
As demand for non-perishable products and home meal replacement dishes increased due to COVID-19, Korean food companies have posted record sales and profits. For example, CJ CheilJedang’s increased home meal replacement sales in domestic and international markets resulted in soaring net profit growth of 300.1% year-on-year.
The instant noodle market recently reported its highest semi-annual sales of ₩1.13 trillion or A$1.3 billion.
농심 (Nongshim)’s instant noodle products significantly contributed to a 163.7% year-on-year increase in its operating profit and a doubling in the value of its online sales to ₩40 billion or A$46 million in the first two quarters of 2020.
Overall, online sales of food products increased 46% year-on-year as consumers prefer ‘untact’ (contactless) services during the pandemic.
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