Samlip plans to increase global sales to 500 billion won by 2030 — Korea Herald
South Korean bakery and food company Samlip announced at an investor meeting in Seoul that it intends to increase global sales from about 75 billion won to 500 billion won by 2030. The company also set a target of reaching 2.11 trillion won in non-consolidated revenue and 170 billion won in operating profit with an operating margin of 8%, Korea Herald reports.
Bet on the US market
Samlip co-CEO Jeong In-ho, who took office in April, named four growth drivers for the company: international expansion, digital commerce, frozen dough and product innovation. He also said the company intends to increase investment in research and development as well as marketing.
To enter other regions and sales channels, Samlip plans to use its experience in the United States, including cooperation with the Costco chain. The company expects to increase sales through Costco in the United States more than fivefold, from 30 billion won this year to 150 billion won in 2030. The number of Costco stores worldwide where its products are available is planned to rise from 300 to more than 900, while the product range will expand from two to six items.
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New products and business changes
In exports, Samlip will focus on key bakery products and Korean desserts. The company also intends to strengthen its positions in the sandwich and salad segments, as well as expand business-to-business supplies of reduced-sugar sauces, Korean-style sauces and ready-to-eat meals.
According to Samlip's estimate, its processed meat business, focused on B2B channels, will improve profitability by about 2.5 billion won annually. The company expects to secure another 14 billion won in profitability improvements through the sale or restructuring of non-core business segments.
Last year, Samlip's non-consolidated revenue amounted to 1.6 trillion won, while operating profit was 38.7 billion won. For shareholders, the company set a medium- and long-term target dividend payout ratio of 30%.
