Hyundai GEF Holdings Reports Operating Profit of 198.1 Billion KRW Last Year... "Turned to Black"

Sales Reach 7.4093 Trillion KRW, Up 181.8%
Chairman Chung Ji-sun Receives 13.6 Billion KRW in Dividends

Hyundai G.F. Holdings, the holding company of Hyundai Department Store Group, announced on the 14th that its operating profit on a consolidated basis last year turned to a surplus of 198.1 billion KRW from an operating loss of 11.9 billion KRW the previous year. During the same period, sales increased by 181.8% to 7.4093 trillion KRW.

A Hyundai G.F. Holdings representative explained, "Sales increased and operating profit also rose to turn to a surplus due to the consolidation of Hyundai Green Food in the fourth quarter of 2023 and Hyundai Home Shopping in the second quarter of last year."

In the fourth quarter of last year, Hyundai G.F. Holdings’ sales reached 2.148 trillion KRW, up 95.7% compared to the same period last year, and operating profit turned to a surplus of 20.3 billion KRW.

Meanwhile, Hyundai G.F. Holdings announced that it will pay a dividend of 210 KRW per common share, up 10 KRW from last year. Accordingly, Chung Ji-sun, Chairman of Hyundai Department Store Group, will receive a total of 13.57 billion KRW in dividends, including about 12.98 billion KRW from Hyundai G.F. Holdings and about 570 million KRW from Hyundai Department Store. This is a 5.1% decrease from last year’s dividend of approximately 14.3 billion KRW.

Additionally, his younger brother, Vice Chairman Chung Kyo-sun, will receive 9.54 billion KRW in dividends from Hyundai G.F. Holdings alone. Vice Chairman Chung received about 9 billion KRW in dividends last year.