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[Alpha Biz=(Chicago) Reporter Kim Jisun] Upbit operator Dunamu reduced its capital reserves and converted them into retained earnings.
Dunamu held an extraordinary shareholders' meeting on the 5th and approved a plan to reduce 200 billion won from the initial amount of stock issuance among capital reserves and convert them into retained earnings. It is the first time that two trees have reduced their reserves.
As of the end of the third quarter, Dunamu's retained earnings are expected to reach 3 trillion won at the end of this year if the surplus is converted to 200 billion won in stock issuance.
At the shareholders' meeting, Dunamu reportedly mentioned both dividends and new business investments for the purpose of reducing reserves. However, there is also a view that it is not appropriate to increase dividends this year when performance is poor.
The two trees paid dividends in proportion to their annual performance. During the virtual asset market boom in 2021, the company set 5,768 won per share and allocated about 200 billion won in cash, and last year, the company allocated a total of 70 billion won per share due to sluggish performance due to the market downturn.
This year's performance is estimated to be worse than last year's. By the end of the third quarter of this year, Dunamu's sales and operating profit were 684.6 billion won and 400.4 billion won, respectively, down sharply from 1.569 trillion won in sales and 734.8 billion won in operating profit a year earlier. However, net profit increased by nearly 100 billion won in a year from 332.7 billion won to 456.7 billion won during the same period due to a rise in the value of virtual assets held.
In a related development, an official from Dunamu said, "The reserve reduction is aimed at dividends and securing funds for new businesses, and we will discuss dividends as much as possible for shareholders."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
