Messe Isang, the first listed company in the MICE industry, saw its 2023 sales and operating profit increase by more than 30% each.
On the 28th, Messe Isang announced its 2023 annual performance through a '30% Change in Sales and Profit Structure Disclosure.' According to the disclosure, consolidated sales for 2023 reached 50.8 billion KRW, a 33% increase compared to the previous year, and operating profit grew by 31% to 11.1 billion KRW. However, net profit decreased by 21% year-on-year to 5.5 billion KRW due to approximately 3.38 billion KRW in costs incurred during the merger process.
Along with the profit structure change disclosure, the company stated in the 'Cash Dividend Resolution' that dividends will be paid based on net profit excluding merger costs (8.4 billion KRW). The cash dividend payout ratio was confirmed at 25.4%, with dividends amounting to 50 KRW per common share, totaling approximately 2.15683 billion KRW. This decision reflects the company's intention to respect shareholder value considering the merger costs. In April, the company had announced through a fair disclosure that it would pay 20% of separate net profit as cash dividends over the next five years.
Messe Isang covers various exhibition sectors such as architecture/interior, pets, and childcare/education, citing B2B business expansion and an increase in the number of exhibitions in the architecture/interior sector as the main drivers of sales growth in 2023. In particular, the architecture/interior sector recorded sales of 14.1 billion KRW, a 27% increase compared to the previous year. Additionally, the pet sector saw a 16% increase, and the childcare sector experienced a 67% rise in sales. The inclusion of subsidiaries such as Cat Festa also contributed to sales.
The company plans to continue its growth momentum by hosting large-scale exhibitions such as the Ground Forces Defense Industry Exhibition (KADEX) in September this year in collaboration with the Army Association. Furthermore, together with the Healthcare Information and Management Systems Society (HIMSS), Messe Isang will hold HIMSS APAC 2024, a specialized Asia-Pacific exhibition and fair, at COEX in September, marking the first year of its global market entry.
The IR representative of Messe Isang stated, "We expect business expansion through the PCO team, which started in the second half of 2023, and the newly established exhibition installation and service company 'Buildman' this year," forecasting continued external growth. Additionally, they added, "We plan to hold an exhibition at the India IICC in November this year, officially launching our overseas market entry. Through this, we anticipate continuous growth by expanding business both domestically and internationally."
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