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Biz News Korea(Eng)
Heir-owned Hyundai Motor’s Glovis and Innocean generous in dividend payout
- Collected
- 2016.11.25
- Distributed
- 2016.11.28
- Source
- Go Direct
The average dividend payout ratio of Hyundai Motor Group’s 11 listed companies was 19.6 percent, much lower than the average of 26.9 percent the country’s top 30 conglomerates, according to the report released by Daishin Economic Research Institute affiliated with Daishin Securities Co. on Wednesday. The dividend payout ratio is the percentage of earnings paid to shareholders in dividends.
But among Hyundai Motor companies, Hyundai Glovis Co. and Innocean Worldwide Inc. partially owned by Chung, the dividend payout ratio was quite high. Chung is the largest shareholder of Hyundai Glovis with a 23.29 percent stake and holds a 2 percent stake in Innocean. Hyundai Glovis paid a dividend of 112.5 billion won ($95.04 million) over a net profit of 264.5 billion won last year, sending the payout ratio to 42.5 percent. That is a nearly four times as large as the payout in 2015. Innocean’s dividend payout ratio reached 32.9 percent, higher than the average of the top 30 conglomerates.
“Hyundai Glovis increased its dividend payment last year despite a sharp fall in net income. Chung is likely to use the proceeds to up his stakes in other key Hyundai Motor Group companies,” said Ahn Sang-hee, a researcher of the think tank.
By Yoon Jin-ho
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