Korean confectioner Orion records Vietnam sales of $360 mln in 2022
South Korea’s confectionery company Orion recorded a post-tax income of KRW82.38 million ($62.47 million) on a sales revenue of KRW472.9 billion ($358.66 million) from its Vietnam operation in 2022.
Prodution of ChocoPie at an Orion factory in Bac Ninh province, northern Vietnam. Photo courtesy of Orion Food Vina.
According to the firm’s financial results, sales revenue went up 38.5% year-on-year while post-tax income skyrocketed by 44.7%.
Regarding sales, pie made up the biggest portion or 44.6% worth KRW205.2 billion ($155.63 million), up 36.7% year-on-year. Popular Orion pie products in Vietnam include ChocoPie, Custas, and C’est Bon!.
Snacks, including Goute, de Marie, and Marika accounted for the second-biggest portion of 34% worth KRW149.9 billion ($113.69 million), up 38.1% year-on-year.
Gum and candy posted the highest year-on-year growth of 565.9% last year, with sales reaching KRW13 billion ($9.86 million). However, this product made up only 3% of the total.
Other products were biscuits with sales of KRW46.7 billion ($35.42 million), up 7.7% year-on-year, accounting for 10.6% of the total revenue; gift sets worth KRW22 billion ($16.69 million), up 44.7% year-on-year, accounting for 5% of the total.
Besides, last year, Orion in Vietnam made a revenue of KRW32.5 billion ($24.65 million) from exporting goods to Saudi Arabia, the United Arab Emirates, Indonesia, and other locations, up 46.4% year-on-year.
Regarding exchange rates, Orion highlighted VND1 equivalent to KRW0.0551 in 2022, appreciating 10.4% year-on-year.
In Vietnam, Orion currently runs two factories. The first, established in 2006, is in My Phuoc 2 Industrial Park, the southern province of Binh Duong. The other one, located in Yen Phong Industrial Park, the northern province of Bac Ninh, was launched three years later.
Overall, in terms of global operations, Orion recorded a post-tax income of KRW398.5 billion ($302.23 million) on sales of KRW2,873.2 billion ($2.18 billion), up 51.1% and 22% year-on-year, respectively.
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