CJ Cheiljedang topped 15 trillion in sales last year for the first time on the back of the global K-food craze and new businesses. The food company renewed its best-ever business results for the 11th consecutive year.
In an electronic filing issued on Feb. 14, CJ Cheiljedang chalked up 15,744.4 billion won in sales, excluding those of CJ Logistics, an 11.2 percent year-on-year surge.
The company saw its operating profit jump 13.2 percent year-on-year to 1,178.7 billion won, surpassing 1 trillion won for the second consecutive year.
The domestic fad for home meal replacements and the global spread of K-food had led the growth of the food business of the company.
CJ Cheiljedang saw the food business surge 6.7 percent year-on-year to 9,566.2 billion won and operating profit jump 8.8 percent year-on-year to 554.7 billion won.
Overseas processed food sales swelled to 4,363.8 billion won on the back of the good reception of Bibigo products in major countries, including the United States.
CJ Cheiljedang saw the bio business, including mainstay green bio segments such as amino acids and seasoning materials, post 3,731.2 billion won in sales, a 25.1 percent year-on-year jump, and 473.4 billion won in operating profit, up 51.6 percent year-on-year.
A CJ Cheiljedang official said, “The bio business, which stood at 12.7 percent in operating profit margin, has established itself as a value-added business.”
CJ Cheiljedang plans to aggressively nurture new businesses in the four future growth engine sectors: culture, platform, wellness and sustainability.
In the food business, the company plans to step on the gas to explore the global market by focusing on K-food strategy products such as mandu (dumpling), chicken, processed rice, K-sauce, kimchi and laver as well as foods made with vegetables under the brand “Plantable.”
CJ Cheiljedang plans to explore the white bio sector, including the bio-based marine biodegradable plastic, CJ PHA, and the red bio sector, including microbiome and CDMO in a full-fledged fashion.
A CJ Cheiljedang official said as the global inflation is forecast to continue this year, the company will sustain the growth of core products in Korea and abroad by cutting down unit prices by ramping up production capabilities.
CJ Cheiljedang announced new differentiation strategies on dividend on that day.
CJ Cheiljedang will be the first Korean food maker to implement a dividend on a quarterly basis and return more than 20 percent of net profit to shareholders.
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