The Korea Specialty Construction Guarantee Association Posts Nine Consecutive Years of Profit... 102.8 Billion KRW Cash Dividend

Recorded Net Profit of 116 Billion KRW Last Year

The Korea Specialty Contractors Mutual Aid Association announced on the 29th that it achieved a net profit of 116 billion KRW last year, marking nine consecutive years of profitability. This amount increased by 32.3 billion KRW compared to the previous year.

The 78th Regular General Meeting of the Korea Specialty Contractors Mutual Aid Association / Photo by Korea Specialty Contractors Mutual Aid Association

The association held the 78th regular general meeting the day before at the main conference room of the Specialty Contractors Hall in Dongjak-gu, Seoul, where it approved the 2023 fiscal year settlement plan, the appropriation of retained earnings statement, and the amendment of the articles of incorporation as originally proposed. Kim Kwang-su, CEO of Gwangnam Togeon, was appointed as the new non-standing auditor.

The association explained, "Despite the unstable financial market conditions, we strengthened guarantee and mutual aid business activities, significantly increasing operating revenues such as guarantee fees and mutual aid fees, which led to improved performance."

To support members facing liquidity crunch due to the downturn in the construction market, the association decided to pay a cash dividend on the 3rd of next month. The total amount is 102.8 billion KRW (16,500 KRW per share of investment securities), which is about 88.6% of last year's net profit. Additionally, the equity value per share of investment securities was confirmed at 946,697 KRW, an increase of 1,042 KRW compared to the previous year. When the equity value per share of investment securities rises, it not only increases the asset value of member construction companies but also expands the guarantee limit. The confirmed equity value per share will be applied starting today.

Lee Eun-jae, Director of the Specialty Association, stated, "The association is always committed to resolving members' liquidity shortages through special construction stabilization loans and cash dividends," and added, "We will strive to achieve profit maximization, which is set as this year's management goal."