Incheon Urban Corporation Reports 52.7 Billion KRW Net Profit Last Year... Six Consecutive Years of Profitability

Incheon City to Push for 2.6 Billion Won Profit Dividend
Debt Reduced by 1.8 Trillion Won Over 5 Years

Incheon Urban Corporation recorded a net profit of 52.7 billion KRW in 2019, supported by land sales revenue from Geomdan New Town (photo) and other areas.
[Photo by Incheon Urban Corporation]

[Asia Economy Reporter Park Hyesook] Incheon Urban Corporation recorded a net profit of 52.7 billion KRW last year, achieving the largest surplus management since its establishment. The corporation will distribute 2.6 billion KRW in dividends to Incheon City.

According to the corporation on the 24th, last year's sales amounted to 829.8 billion KRW, showing tangible results in apartment sales due to the favorable metropolitan transportation network, with successful land sales in Geomdan New Town and successful joint housing sales through collaboration with private construction companies.

By project, sales revenue includes 641.8 billion KRW from land sales in Geomdan New Town, Yeongjong Sky City, Dohwa District, 162.5 billion KRW from housing sales in Yeongjong Complex 27, Cheongna Complex 19, Geomdan AB14 Complex, 8.6 billion KRW from rental business income, and 16.9 billion KRW from agency business sales.

An official from Incheon Urban Corporation stated, "The ability to achieve the largest surplus management since establishment is attributed to the regular operation of the Risk Management Committee and continuous monitoring of goal achievement through the Financial Structure Improvement TFT, as well as resolving key business issues."

The corporation plans to further expand urban regeneration and housing welfare projects for vulnerable residential groups based on financial structure improvement and capital accumulation, and to discover new projects for sustainable development.

Meanwhile, Incheon Urban Corporation has maintained six consecutive years of surplus management since turning a profit in 2014, recording net profits of 22.3 billion KRW in 2016, 37 billion KRW in 2017, 25.7 billion KRW in 2018, and 52.7 billion KRW last year.

Through surplus management, the corporation has cleared deficits and promoted dividends to Incheon City, reducing debt by 1.8 trillion KRW over the past five years.

This content was produced with the assistance of AI translation services.