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Due to the brisk demand for instant food products, South Korean food conglomerates enjoyed two-digit profit growth in the first quarter.
In the first quarter, CJ Cheiljedang Corp.'s operating profit grew 54.1 percent on-year to 275.9 billion won, with sales increasing by 16.2 percent to 5.83 trillion.
South Korea's leading instant noodle maker Nongshim Co. saw its sales jump 16.8 percent to 687.7 billion won with operating profit soaring 101.1 percent to 63.6 billion won.
Meanwhile, major ramyeon maker Samyang Foods Co., pushed its operating profit 73 percent from last year to 26.6 billion won. At the same time, snack manufacturer Orion Corp. enjoyed a quarterly operating profit of 97 billion won, a 25.5 percent hike from a year earlier.
NH Investment & Securities Co. analyst Cho Mi-jin expects a short-term performance hike for the COVID-19-induced demand for home-cooked meals while projecting a longer-term expansion of home meal replacement products.
Cho also attributed the increased demand for fast-and-easy box meals to the increasing e-commerce channels.
From the start of the year to Friday, stock prices for the food and beverage industry went up 15.64 percent from January 1 to Friday, marking a steep contrast from the 5.86 percent drop in the same period last year. The sector's performance was second only to the 25.55 percent posted by the medical industry.
