Hyundai Green Food breaks $1.5 billion in sales for first time in 2022

Hyundai Green Food Co., an affiliate of Hyundai Department Store Group, saw its main business unit of food surpass 2 trillion won ($1.5 billion) in sales last year for the first time since the company's inception in 2010 through the merger of the food companies Hyundai H&S, Hyundai Food System and Hyundai F&G.

Hyundai Green Food on Tuesday that sales last year reached 2.9 billion won, up 11.7% from 1.7 trillion won in 2021, adding that operating profit posted a record-high 73.4 billion won. Sales on a consolidated basis including those of affiliates like furniture maker Hyundai Livart and construction machinery manufacturer Hyundai Everdigm hit 3.9 trillion won.

The company said its large-scale investment in food manufacturing led to the positive results. With the contracted food service market shrinking due to the nation's population decline and changes in workplace culture, Hyundai Green Food invested in production facilities to respond to rising demand for home meal replacements and healthy and delicious meals. From 2018, the company invested about 100 billion won over two years to build a "smart food center" in Seongnam, Gyeonggi Province.

Write to Kyeong-je Han at hankyung@hankyung.com