SK Innovation’s electric vehicle battery plant in Seosan, South Korea (image: SK Innovation)
SEOUL, Feb. 7 (Korea Bizwire) — South Korean battery maker SK Innovation Co. said Monday it will pay 210.8 billion won (US$ 175.5 million) in dividends for fiscal 2021 to its shareholders, a shift from a no-dividend policy following the rejection by its board.
Shareholders will receive 0.011 treasury stock per each common share they hold, and the same amount of stock and 50 won in cash for each preferred share, the company said in a regulatory filing.
Based on Friday’s closing share price of 228,000 won, the dividend payment is equivalent to 2,508 won per common share and 2,558 won per preferred share, the company said.
SK Innovation did not pay dividends to shareholders in 2020 as it remained in the red.
“We took into account promoting shareholders value in accordance with the 2021 turnaround in the earnings and the recent split-off,” it said in a release, referring to its battery-producing spinoff, SK On Co., which was launched in October last year.
In the fourth quarter, SK Innovation, the energy and chemical affiliate of SK Group, swung to the black from a year earlier on strong petrochemical demand and electric vehicle (EV) battery sales.
On the annual basis, SK Innovation also turned to the black in 2021, driven by its battery business that posted nearly twofold on-year growth in sales of 3.04 trillion won on strong overseas demand.
The net profit reached 509.5 billion won last year, turning from a loss of 2.14 trillion won a year earlier.
(Yonhap)
