Net Income Rises 24.3%... Surpasses Last Year's Annual Record
Kangwon Land announced on the 28th that its consolidated operating profit for the third quarter of this year was tentatively estimated at 93 billion KRW, a 1.3% increase compared to the same period last year. During the same period, sales increased by 0.6% to 375.5 billion KRW, and net profit rose by 24.3% to 92 billion KRW.
Casino sales amounted to 320.4 billion KRW, a 0.1% increase from the same period last year. Membership venue sales grew by 8.6% year-on-year. The company explained that this was attributed to a 35% increase in member visitors due to continuous improvements in member services. The net profit for the period reflected financial gains that increased by 20.1 billion KRW compared to the same period last year. Kangwon Land's cumulative net profit through the third quarter reached 346.1 billion KRW, surpassing the 335.9 billion KRW recorded for the entire previous year.
Meanwhile, on the 10th, Kangwon Land became the first publicly listed state-owned company to participate in the 'Value-Up Program.' It disclosed a 'Corporate Value Enhancement Plan' aiming to achieve ▲a price-to-book ratio (PBR) of 1.2 times ▲a total shareholder return ratio of 60% ▲and 100% compliance with key corporate governance indicators by 2026.
As one of the main initiatives, a total of 100 billion KRW worth of treasury stock repurchases will be conducted, with 40 billion KRW allocated this year. Additionally, the company plans to maintain a dividend payout ratio of at least 50%.
A Kangwon Land official stated, "We have been steadily purchasing treasury shares daily since the 15th," adding, "Given the strong net profit performance this year, the dividend per share is highly likely to increase compared to last year."
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