Sajo Daerim's stock on a roll with expanding gimbap exports

Sajo Daerim's announcement of expanded exports of its frozen gimbap spurred its stock upward.

Three different types of Sajo's gimbap [SAJO DAERIM]

Sajo Daerim's stock price has soared following the company's announcement on Friday of expanded exports of frozen gimbap to the United States thanks to the rising popularity of the frozen seaweed rice rolls.

Its shares closed at 72,800 won ($52.74) on Monday, up 18 percent from Friday’s closing at 61,600 won.

The stock has been on an upward trajectory on the back of the announcement that the company will continue to export 72,000 frozen gimbap rolls monthly. Since starting exports in April, the company has shipped out 36 tons, or over 155,000 rolls.

The varieties include tuna gimbap, tofu and burdock gimbap and mushroom japchae gimbap, all inspired by traditional Korean cuisine. The tuna gimbap combines tuna and vegetables, the tofu and burdock gimbap offers a savory-sweet taste with plant-based ingredients, and the mushroom japchae gimbap features Korean stir-fried noodles with vegetables and mushrooms.

Korea’s processed food exports, including frozen gimbap, have increased by 42.8 percent compared to last year, according to the Ministry of Agriculture, Food and Rural Affairs. Sajo Daerim aims to expand its global reach through various sales channels.

Sajo Daerim is a food company that owns brands like Haepyo Cooking Oil and Daerim Sun Fish Cake. The company manufactures an array of food products, including canned tuna, fish cakes, dumplings, processed meat, seaweed, sauces and soy products.

The company reported an operating profit of 44.1 billion and sales of 594.6 billion won in the first quarter of 2024, up 41 percent and 17.3 percent, respectively, on year, according to its financial statement.

Sajo Daerim acquired Ingredion Korea Holdings in January for 384 billion won to broaden its market presence and integrate new products into its lineup, bolstering its overall business strengths, according to the company.

Ingredion Korea extracts starch sugar from corn, which is used as an ingredient in processed foods such as bread and cookies.

Back in 2006, Daerim became Sajo Daerim upon acquisition by Sajo.

BY CHOI HAE-JIN [choi.haejin@joongang.co.kr]