Views of CHOCO PIE, sold in China. (Photos: Orion)

The global pandemic, caused by the spread of COVID-19, has resulted in lockdowns of many cities around the world, dealing severe blow to almost all industries of the world.

Despite the unfavorable economic situation, a few companies have been on a roll.

Amid the associated hardships that most Korean companies are experiencing due to the pandemic, Orion’s exports to overseas markets were feared to stumble. However, the company saw sales surge 139.7 billion won in February, a 31.5 percent increase over the same period in 2019. Exports to China jumped 53.2 percent.

In a consolidated financial statement, Orion Group said it posted 120.2 billion won in operating profit in Q1 2019, a 27 percent jump over the same period of a year ago, and 698.2 billion won in sales, up 6.6 percent over a year ago. The figures mark the best-ever business performances in terms of sales and operating profit.

The group said the operational efficiency through the Korean operation’s merger with OSI and the listing of Ipack as a subsidiary played a leading role in raising the company’s operating profit.

The Chinese operation achieved double-digit growth on the back of rising sales of power brands such as CHOCO PIE, YEGAM and GORAEBOB, contributing to the overall rise in total sales.

Senior Managing Director Park Se-yeol with Orion Crop.’s Planning & Management Division said, “The good business performance is attributable to efforts to raise profitability on top of growth strategies of the existing overseas markets and the ongoing structural efficiency.”

Orion saw sales rise last year amid hardships in the Korean confectionary industry. In 2019, the company posted more than 2 trillion won for the first time in three years.

China’s retaliation against the stationing of U.S. Terminal High Attitude Area Defense system in Korea hit Orion, which saw sales plunge below 2 trillion won.

The value of the Korean confectionary market peaked at 6.734.4 trillion won in 2015. The figure dropped to about 6.4 trillion won last year, representing a decline for the fourth consecutive year.

But Orion did well in Korea and abroad. The Korean operation chalked up f 700 billion won in sales and 100 billion own in operating profit for the first time on the back of even growth of all categories such as snacks, pies, biscuits, and jellies. The company released 31 new products last year, a sharp jump from a yearly average 10 new products.

“Grilled Rice Chip,” released by Orion in Korea. (Photos: Orion)

Orion Puts on Market ‘Grilled Rice Chip’

In a recent development, Orion released “Grilled Rice Chip,” a rice cracker. Rice of Japonica strain, Korea’s staple food, is kneaded and fermented for 36 hours before it is grilled on the fire pot.

The rice cracker comes with two versions - one with a sweet taste and the other with seafood taste.

Grilled Rice Chip is a rice cracker developed by a two-year work by Orion Global Research Institute. The product made its debut in the name of “An” in Vietnam in April 2019.

The rice cracker became a hit product there as it posted about 14 billion won in cumulative sales until last February since its debut. The figure represented an about 13 percent share in the Vietnamese rice cracker market. It ranked second upon its launch.

Orion is on a roll in overseas markets. The confectionery company has been highly appreciated to have succeeded in localization by breaking down entry barriers in countries such as China, Vietnam and Russia.