South Korea's CJ Foodville Co. said Wednesday it swung to a net profit last year thanks to the stellar overseas performance of its bakery chain Tous les Jours.
Tous les Jours is the second-largest bakery chain in South Korea by number of stores, after SPC Group's Paris Baguette.
The food affiliate of CJ Group posted a net income of 28.5 billion won (US$21.7 million) in 2022, a turnaround from a net loss of 15.9 billion won in 2021, the company said in a regulatory filing.
Its operating profit swelled on-year by more than sixfold to 26.1 billion won. Sales grew 25 percent to 759.8 billion won.
CJ Foodville attributed its strong yearly results to the robust growth of its Tous les Jours bakery chain outside of South Korea and the improved profitability of its domestic business.
Currently, CJ Foodville operates the Tous les Jours bakery chain in six countries around the world. Last year, the company's Indonesia and Vietnam business operations became profitable, while its representative office in the United States extended its profit streak for the fifth consecutive year.
"Our global businesses contributed to around half of last year's operating profit," a company official said. "We plan to build on this growth momentum and further increase profits this year."
Source: Yonhap News Agency