CJ CheilJedang Corp., South Korea’s food and bio conglomerate, has reached a milestone in its fourth quarter performance for 2023, with its overseas food sales exceeding domestic sales for the first time. The company’s food division reported international sales of 1.387 trillion won ($1.03 billion), narrowly surpassing its domestic sales, which were 1.380 trillion won.
This international sales boost was driven by the success of Bibigo, CJ CheilJedang’s flagship food brand, known for its dumplings, Korean-style fried chicken, K-sauces, kimchi, and seaweed. The brand saw significant growth in North America, Europe, and Australia, with standout products like the bibigo mandu (Korean-style dumplings) and Red Baron pizza, a brand acquired in 2019, leading in their respective markets.
Despite the international success, CJ CheilJedang faced challenges, with a consolidated revenue of 29.23 trillion won and an operating profit of 1.29 trillion won for the year, marking a decrease in both revenue (3.5%) and operating profit (22.4%) compared to the previous year. Excluding CJ Logistics, the company’s revenue stood at 17.89 trillion won, with an operating profit of 819.5 billion won, reflecting year-on-year decreases of 4.7% in revenue and 35.4% in operating profit.
The bio business division reported a revenue of 3.48 trillion won and an operating profit of 689 billion won for 2023. Despite the overall downturn, CJ CheilJedang’s international market performance highlights the growing global appetite for Korean food products and the company’s successful strategy in meeting this demand.
