This article was displayed on the ChosunBiz MoneyMove (MM) site at 8:48 a.m. on Jun. 18, 2026.
Children's book publisher Yearimdang Publishing has begun steps to resume dividends after 12 years. Yearimdang Publishing did not pay cash dividends after paying 150 won per share as a settlement of account dividend in 2014, but it can now return cash to shareholders after selling control of T'way Air for about 210 billion won last year, sharply boosting its dividend resources.
According to the investment banking (IB) industry and Financial Supervisory Service electronic disclosures on the 18th, Yearimdang Publishing decided to conduct an interim dividend and set the 30th as the record date for the shareholder registry closure. The dividend amount and schedule will be disclosed after a board resolution.
Yearimdang Publishing's capacity to pay dividends expanded sharply last year. The company sold all 44,473,577 shares of T'way Holdings it held to the Sonotrinity Group at 4,776 won per share. Through this, a total of 212.4 billion won flowed into Yearimdang Publishing. In addition, Vice Chairman Na Sung-hun of Yearimdang Publishing sold 3.65 million shares, Chairman Na Chun-ho of Yearimdang Publishing sold 2.24 million shares, and T'way Holdings CEO Hwang Jung-hyun sold 1.98 million shares.
After the transaction was completed, Yearimdang Publishing's retained earnings jumped ninefold. Separate retained earnings rose from 16.3 billion won at the end of 2024 to 149.2 billion won at the end of last year. As of the end of the first quarter of this year, retained earnings remained around 148.3 billion won.
In the industry, there is speculation about how much Yearimdang Publishing will pay in dividends this time. If it pays 150 won per share as in 2014, the payout ratio is estimated to be only 2.7%, leading the market to expect a much larger amount will be distributed.
If Yearimdang Publishing pays 300 won per share, the payout ratio becomes 5.5%. If it pays 500 won per share, the payout ratio exceeds 9%. Some shareholders even express hopeful views that the dividend could exceed 600 won per share, in which case the payout ratio is estimated at 11%. Even in the extreme case of paying 1,000 won per share, the payout ratio would be just under 20%.
Even if Yearimdang Publishing pays a much larger amount in dividends than in the past, the payout ratio does not become excessively high because its results have improved significantly.
When Yearimdang Publishing paid 150 won per share in 2014, the payout ratio topped 30%. At the time, profits were not large, so even a 150-won dividend resulted in a high payout ratio. By contrast, this year a large one-off gain from the T'way Holdings sale was reflected, so paying 150 won per share would keep the payout ratio in the low single digits.
However, the industry sees a low chance that Yearimdang Publishing will focus solely on dividends with the cash gained from the T'way Holdings sale. The company has said it will decide on an appropriate dividend rate by considering investments for sustainable growth and the business environment.
In fact, Yearimdang Publishing increased its investment assets after selling T'way Holdings. In Sep. last year, it committed 20.3 billion won to Purun Investment's fund "Purun Advanced Materials New Technology Investment Association No. 2." It also made a monetary lending for interest revenue. On the 21st of last month, it lent 16 billion won to Sejong D&P at an annual interest rate of 7.5%.
An IB industry official said, "This dividend by Yearimdang Publishing is highly symbolic as a resumption of shareholder returns after more than 10 years," adding, "However, Yearimdang Publishing faces the task of finding a new growth engine after selling the airline, so it will likely focus more on expanding investment than on dividends."