[THE INVESTOR] Hyundai Department Store’s food distribution and catering subsidiary Hyundai Green Food announced on Nov. 2 that it has signed a 30 billion won (US$26.94 million) deal with Kuwait National Petroleum Company.
The amount accounts for nearly half of the firm’s total sales in 2016 that had stood at 65 billion won.
The deal replaces an existing contract Hyundai Green Food had signed with KNPC in April. At the time, the Hyundai affiliate had signed on to receive 15 billion won for providing catering services to workers at KNPC’s Al Zour LNG Terminal Project, the biggest construction project in Kuwait worth around US$3 billion.
Under the new contract, the Korean firm will provide up to 30,000 meals a day to 7,000 workers at the construction site for five years.
“KNPC has been asking for more services immediately after signing the deal in April,” a Hyundai Green Food official said.
The two companies had first signed a deal worth 10 billion won in 2010 to provide catering for 10,000 workers at KNPC’s refining facility construction site.
Meanwhile, other top Korean food catering companies such as Samsung Welstory, Ourhome, CJ Freshway and Shinsegae Food are also expanding their business overseas. Samsung Welstory had the highest sales abroad last year, with revenue growing to 134 billion won from 30.7 billion won in 2014.
By Song Seung-hyun (email@example.com)