Hancom Passes Reappointment of CEO Kim Yeon-su at General Meeting... Accelerates AI Business

Hancom held the 34th regular shareholders' meeting on the 28th at its headquarters in Pangyo, Gyeonggi Province, and passed five agenda items, including the appointment of inside and outside directors, as originally proposed.

At this shareholders' meeting, all proposed agenda items were approved, including ▲approval of the 2023 financial statements and consolidated financial statements ▲appointment of inside directors, outside directors, and other non-executive directors ▲approval of the limit on directors' remuneration ▲approval of the limit on auditors' remuneration ▲granting of stock options. Inside director Kim Yeon-su, CEO of Hancom, outside directors Kim Jae-yong, representative lawyer of Namgang Law Firm, and Hwang Seong-hyun, CEO of Quantum Insight, and other non-executive director Park Sung-min, Vice President of Crescendo Equity Partners, were each reappointed.

On the day, Hancom announced that it recorded sales of 128 billion KRW and an operating profit margin of 32.2% based on the separate financial statements for 2023. On a consolidated basis, sales increased by 12% and operating profit by 36.5% compared to the previous year. In particular, sales of cloud and web division products approached 10% of the separate basis sales, establishing themselves as a new revenue stream.

Through the approval of the financial statements, the cash dividend was decided at 410 KRW per share. Hancom CEO Kim Yeon-su declared a strong shareholder return policy at the end of last year and established a three-year dividend policy. Over three years, dividends will be returned at a scale exceeding 25-30% of the separate basis free cash flow (FCF) annually. This is Hancom's first dividend in five years and the first implementation of the three-year plan. Previously, Hancom acquired treasury shares worth 10 billion KRW two years ago and carried out a cancellation of treasury shares worth approximately 20 billion KRW, equivalent to 5.6% of the total issued shares, in July last year. Hancom plans to continue its active shareholder return policy this year while concretizing its artificial intelligence (AI) business and targeting the global market to enhance corporate value.