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[Alpha Biz=(Chicago) Reporter Paul Lee] SM Entertainment (SM) is planning to retire its own shares for the first time since its establishment.
SM announced on the 7th that it recorded consolidated sales of 960 billion won and operating profit of 115.4 billion won last year. Sales and operating profit rose 13% and 27%, respectively, from the previous year. Sales in the fourth quarter were 250 billion won and operating profit was 10.9 billion won, down 3.4% and 51.7%, respectively, from a year earlier.
Sales of the new album continued to be strong. Last year, SM's music and music purchase was 64, up 12% from the previous year. Sales of new albums reached a record high of 20.1 million copies, up 67 percent from a year earlier. Offline concerts were also held 340 times to shake off the sluggishness of the COVID-19 period.
SM, which announced its positive performance, has also decided to return its shareholders. SM held a board meeting on the same day and decided to retire 241,379 shares (worth 14.95367 billion won) in order to enhance shareholder value. SM's treasury stock retirement is the first since its foundation. The cash dividend will be paid 1,200 won per ordinary share. The total dividend amount is about 28.1 billion won and dividend propensity is 34%.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
