[Governance] Cho Hyun-joon, Chairman of Hyosung, Earned 106.1 Billion KRW in Dividends Last Year

353 Billion KRW Dividend Received Only from Hyosung Investment & Development
Consulting Firm ASC, Vice Chairman Jo Hyunsang's Key Dividend Income Source
Privately Held Affiliate with Large Owner Family Shares, High Dividend Payout Ratio

[Analysis and Graphic by Heejin Lim]

[Asia Economy Reporter Park Soyeon] Jo Hyun-joon, chairman of the Hyosung Group, reportedly earned over 100 billion KRW in dividends from affiliated companies last year.

According to the Financial Supervisory Service's electronic disclosure system on the 25th, the total dividends Jo received from Hyosung Group affiliates last year amounted to 106.1 billion KRW.

The affiliate from which Jo received the highest dividend was Hyosung Investment & Development.

Hyosung Investment & Development, an unlisted company, set its dividend per share at 537,500 KRW last year. Jo, who holds 65,600 shares (41%), received a total dividend of 35.26 billion KRW.

Over the past 10 years (2012-2021), Jo has collected a total of 132.3 billion KRW in dividends from Hyosung Investment & Development.

Hyosung Investment & Development was established in 1973 as Dongyang Dyeing Co., Ltd. It engaged in weaving, dyeing, and processing of synthetic and other fibers, but changed its name to Hyosung Investment & Development Co., Ltd. in 2004, ceased dyeing processing, and currently operates in real estate development and housing construction.

From 2013 to 2021, its sales have remained between 500 million and 1.5 billion KRW, with most of its net profit coming from financial income, particularly dividend income.

Most dividend income comes from overseas affiliates 'Hyosung Vietnam Co. Ltd.' and 'Hyosung Istanbul TEKSTIL LTD.STI.'

Last year, Hyosung Investment & Development received 37.5 billion KRW in dividends from 'Hyosung Vietnam Co., Ltd.' and 28.2 billion KRW from 'Hyosung Istanbul TEKSTIL LTD.STI.'

The total dividends received from these two corporations amount to 65.6 billion KRW, accounting for 99.7% of the total dividend income (65.8 billion KRW).

Jo also received a total of 31.58 billion KRW (631,617 shares) in dividends from Hyosung TNC. From Hyosung, he received 30.1 billion KRW through a dividend of 6,500 KRW per share. Additionally, he earned 5.9 billion KRW from Hyosung TNS and 3.3 billion KRW from Hyosung ITX in dividends.

His younger brother, Vice Chairman Jo Hyun-sang, collected a total of 79.5 billion KRW in dividends through ASC, Hyosung, Hyosung TNS, and Hyosung Advanced Materials.

Jo Hyun-sang earned 38.8 billion KRW in dividends through his sole shareholder company ASC. He also received 29.3 billion KRW from Hyosung, 5.9 billion KRW from Hyosung TNS, and 5.5 billion KRW from Hyosung Advanced Materials.

Meanwhile, including Honorary Chairman Jo Seok-rae's 35.4 billion KRW, the total dividends collected by the largest shareholder family amounted to 230.4 billion KRW.

[Analysis and Graphic by Heejin Lim]

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