KT&G Announces Shareholder Benefits and Record Sales in 2023

Business by 2FIRSTS.ai

Feb.20.2024

KT&G Announces Shareholder Benefits and Record Sales in 2023

KT&G boosts shareholder value with 2.8 trillion won policy, plans to destroy 3.5 million shares, announces dividends.

According to South Korean media reports on March 16, KT&G Company has decided to further enhance shareholder value by launching a 28 trillion Korean won shareholder return policy and deciding to destroy 3.5 million of its own shares. This 3.25 trillion won destruction is equivalent to 2.6% of the total issued shares. According to the Korea Exchange, KT&G's destruction accounts for 10% of the total amount of self-owned shares destroyed by listed companies that month.

According to reports, the board of directors of KT&G has decided to pay a dividend of 4,000 Korean won in 2023. This includes a final half-year dividend of 1,200 Korean won, bringing the total annual dividend to 5,200 Korean won per share, an increase of 200 Korean won from last year. The dividend yield is 5.7%. KT&G held a "Value Day" in November 2023, announcing a new shareholder return policy totaling 28 trillion Korean won to be implemented by 2026 to enhance shareholder value. In 2023, KT&G achieved a record high comprehensive sales revenue of 58.724 trillion Korean won.

Particularly, the overseas cigarette division achieved an annual sales revenue of 11.394 trillion Korean won, breaking a historical record. The combined annual sales revenue of overseas cigarettes, NGP (e-cigarettes), and health foods reached 33.127 trillion Korean won, a 1.1% increase from the previous year. KT&G's goal for this year is to increase comprehensive sales revenue by over 10% and operating profit by over 6%. Sales revenue and operating profit from the three core businesses are expected to increase by over 15% and 31.5% respectively compared to last year.

References:

[1] KT&G, 2.8조 주주환원

Also Read:

[1] KT&G CEO Candidate Selection Committee Announces Four Finalists

[2] Selection Process for Next KT&G CEO Begins

[3] Limited Edition "Lil Hybrid 3.0 D-Project Edition" Available

[4] KT&G Imagination Fund: Employee-led Social Welfare Initiative Supports Vulnerable Groups

#Traditional tobacco #Asia #Market

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