Samyang Foods, boosted by the global popularity of its spicy fire chicken noodles, continues to show a strong performance in the stock market with a 20% increase following a surge in the previous trading day. This marks a seven-day winning streak.
According to the Korean Exchange, Samyang Foods is trading at $488.70, up $40.20 (20.04%) from the previous trading day. Samyang Foods’ stock price started at $277 and has been on a steady rise for seven consecutive trading days on the 9th, buoyed by expectations of robust first-quarter performance this year.
On May 16, Samyang Foods announced in its first quarter earnings report that its consolidated sales were $347 million, with an operating profit of $71.7 million. The operating profit significantly exceeded the market forecast of $38 million.
Such strong performance is attributed to the popularity of products like its Carbonara spicy chicken noodles, which led to an 85% increase in first-quarter overseas sales compared to the same period last year, reaching $256 million.