Gov't dividends from state-run firms halve in 2023 amid lackluster earnings
|Finance ministry building in Sejong City / Korea Times file|
The Korean government’s dividend income from its stakes in public companies fell sharply in 2023 from a year earlier due to weaker performances amid economic uncertainties, data showed Friday.
Dividend payments by 19 state-run companies to the government amounted to 1.23 trillion won ($933 million) this year, plunging from 2.45 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.
Industrial Bank of Korea paid out the highest amount of dividends to the government at 455.5 billion won, followed by Korea Land Housing Corp, with 262.5 billion won and Korea Development Bank with 164.7 billion won.
The average dividend payout ratio, or the percentage of earnings paid to shareholders in dividends, came to 39.9 percent in 2023, remaining nearly unchanged from the previous year.
Of the 39 state companies in which the government holds stakes, 20 public firms, including Korean Broadcasting System, Korea Housing and Urban Guarantee Co., and Korea District Heating Corp., did not pay out dividends. (Yonhap)