SEOUL, KOREA - Nongshim, a Korean instant noodle maker, is enjoying a robust growth thanks to the rising popularity of "Jjapaguri." Jjapaguri is a combination of Nongshim's two instant noodles—Jjapaghetti and Neoguri.
Backed by the popularity of Jjapaguri, Nongshim grabbed a share of 69.6 percent in the Korean instant noodle market in the first quarter of this year, up 7.4 percentage points from a year ago and up 1.3 percentage points from a quarter ago.
Key factor behind the rise in Nongshim's market share is the rising popularity of Jjapaguri. The sales of Jjapaghetti and Neoguri jumped by 78 percent and 20 percent, respectively, in March from a year ago.
Nongshim posted a consolidated sales revenue of 532 billion won for the first quarter of this year, down 3 percent year on year, but its operating profits rose by 13.7 percent to 30.4 billion won. It also recorded a net profit of 24.8 billion won, in a turnaround from a loss a year ago.
