Orion, Pulmuone report more than 3 tril. won in sales in 2024

Two South Korean food companies, Orion and Pulmuone, are expected to surpass 3 trillion won ($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 year-on-year to 3.1 trillion won and operating profit that advanced 11 percent to 546.3 billion won in 2024, according to earnings data compiled by Yonhap Infomax.

Orion attributed the sales growth 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 an 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, 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 and Daesang with an estimated 4.45 trillion won and 4.22 trillion won in sales, respectively.

Lotte Wellfood is expected to have posted 4.07 trillion won in sales, and Lotte Chilsung Beverage Co. is forecast to mark 4.04 trillion won.

Nongshim, SPC Samlip, Ottogi and CJ Freshway are each projected to report sales of around 3.5 trillion won. (Yonhap)