Hyundai Glovis to raise dividend payout by up to 50% over next 3 years

Hyundai Glovis to raise dividend payout by up to 50% over next 3 years [Image source: Hyundai Glovis]

Hyundai Glovis Co., the logistics unit under South Korea’s Hyundai Motor Group, announced plans on Tuesday to offer up to 50 percent more dividend payouts to shareholders over the next three years as part of efforts to improve shareholder value.

Hyundai Glovis said that it will raise its dividend payout per share by at least 5 percent to as much as 50 percent from a year earlier between 2022 and 2024.

Under the company’s new mid- to long-term dividend policy that has been approved by the board, Hyundai Glovis will pay 5,700 won ($4.6) in dividend per share for 2022, which is up 50 percent from the previous year.

Hyundai Glovis said that the increase in the dividend payout is part of a move to return the profit to shareholders based on solid results and stable business performance.

Hyundai Glovis reported an operating profit of 1.8 trillion won for 2022, up 59.7 percent from a year ago, on sales of 27 trillion won, up 23.9 percent. Net profit also soared 52.3 percent to 1.19 trillion won.

Hyundai Glovis, in the meantime, had earlier raised dividend payout by up to 10 percent under a three-year policy in 2019. The annual dividend pay per share was 3,500 won in 2019, up 6 percent from a year ago, and 3,800 won in 2021, up 8.6 percent from the previous year.