Krafton Jang Byung-gyu "Krafton Stock Undervalued... Will Buy Back Shares"

[Asia Economy Reporter Kang Nahum] Jang Byung-kyu, Chairman of the Board of Krafton, recently announced a plan to repurchase company shares to boost the falling stock price.

Chairman Jang stated during the 2021 Q4 earnings conference call on the 10th, "We have determined that Krafton's stock price is undervalued, and from today onward, we plan to purchase a certain portion of Krafton shares."

He added, "The global macroeconomic trends have significantly influenced the stock market, and Krafton, having been listed only recently, was also greatly affected. Nevertheless, considering the initiatives and business expansions we are preparing, we are confident in our growth potential."

He continued, "More important than my share purchase is to ask Krafton investors and members to place their trust in the management team for the mid to long term," and said, "I would like to take this opportunity to assure you that the management will do their best for growth."

Krafton's stock price closed at 297,000 KRW on the day. This is about a 47% decrease compared to last year's peak of 567,000 KRW.

Meanwhile, Krafton achieved record-high sales last year. On a consolidated basis, Krafton recorded sales of 1.8863 trillion KRW and an operating profit of 639.6 billion KRW last year. Sales increased by 13% compared to the previous year, while operating profit decreased by 17.3%. In Q4 of last year, sales grew 26% year-over-year to 444 billion KRW, while operating profit fell 54% to 43 billion KRW.

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