Korean Air Announces Shareholder Dividends for the First Time in 4 Years... Record-High Performance and Dividends

Korean Air announced through a public disclosure on the 20th that its board of directors decided on a shareholder dividend of 750 KRW per common share and 800 KRW per preferred share.

Despite the impact of COVID-19 last year, Korean Air's cargo business showed strong performance, recording an operating profit of 2.8836 trillion KRW. Accordingly, the company resumed shareholder dividends and set the dividend amount at the largest scale ever. The total dividend amount is 277.1 billion KRW, marking the first shareholder dividend in four years. Korean Air paid a dividend of 250 KRW per common share in 2018 but did not distribute dividends in 2019 due to deteriorating performance and in 2020?2021 due to the COVID-19 pandemic.

Additionally, Korean Air resolved to participate in a paid-in capital increase of 720 million USD (934.3 billion KRW) by its subsidiary Hanjin International Corporation (HIC), which operates the Wilshire Grand Hotel in Los Angeles (LA), USA.

Meanwhile, Korean Air will hold its 61st regular general shareholders' meeting at its headquarters in Gangseo-gu, Seoul, on the 22nd of next month to approve the appointment of inside and outside directors. CEO Woo Ki-hong is expected to be reappointed as an inside director, and Vice President Yoo Jong-seok, head of safety and health, is expected to be newly appointed as an inside director. Korean Air will also add telecommunications business to its articles of incorporation to operate in-flight internet services.