Food distribution specialist corporations Bio Port Korea said on the 27th that its cumulative operating profit for the first half of this year (on a consolidation basis) was tentatively tallied to have increased 215% from a year earlier. The company said it plans to pursue shareholder returns based on this.
According to the Financial Supervisory Service's electronic disclosure system that day, Bio Port Korea's cumulative sales on a consolidation basis for the first half of this year were 43.2 billion won, up 19.7% from 36.1 billion won a year earlier. Operating profit rose from 700 million won to 2.3 billion won, and the operating margin climbed from 2.0% to 5.3%.
Bio Port Korea said increased exports through global distribution channels, diversification of its product portfolio, and easing of fixed-cost burdens from higher sales drove the improved results.
Bio Port Korea said it will pursue shareholder returns, including a dividends policy, based on this. The company set a target payout ratio of 20% to 30% of separate-basis net income at the settlement of account for this fiscal year.
The specific per-share dividend will be finalized after a comprehensive review of annual net income, financial conditions, the number of shares outstanding and other factors, followed by a resolution of the board of directors and approval at the regular general meeting of shareholders.
Earlier, in June, the company decided to acquire about 1 billion won worth of treasury shares and completed on-market purchases of 204,371 treasury shares.