Dongwon Industries Posts KRW 515.6 Billion Operating Profit in 2023, Up 2.9%
Creatrip Team
6 months ago
Dongwon Industries, the holding company of Dongwon Group, reported consolidated 2023 sales of KRW 9.5837 trillion, up 7.2% year-on-year, and operating profit of KRW 515.6 billion, up 2.9%. On a separate basis, sales rose 2.5% to KRW 1.1062 trillion and operating profit jumped 21.1% to KRW 155.7 billion, signaling improved profitability. Food unit Dongwon F&B boosted results through expanded global exports—U.S. tuna (Dongwon tuna) exports rose about 30% aided by BTS member Jin as a model—and growth across HMR (home meal replacement), pet food, and beverages, with overall exports up over 15%. Domestic sales gained from condiment (tuna extract) demand and online channels. Dongwon Home Food, packaging-materials arm Dongwon Systems, logistics arm Dongwon Roex, and construction unit all showed mixed gains: packaging exports and high-value products helped revenue growth but rising raw material costs and currency effects compressed packaging operating profit. Logistics and construction saw solid revenue and profit rises, including new warehouse projects. The group warned of continued pressure from high exchange rates and raw material costs and plans to accelerate global expansion and new businesses like smart ports and secondary battery materials. The board approved a year-end dividend of KRW 600 per share (up from a midterm KRW 550 last year) and decided to cancel 7,137 treasury shares from earlier stock exchanges and bonus issues to strengthen shareholder returns. (HMR: home meal replacement; BTS: popular K-pop group)
