KT&G Announces Share Buyback

KT&G plans to buy back KRW350 billion ($245.1 million) of its own shares to boost shareholder returns, reports The Korea Herald.

The firm is also considering increasing dividends per share by more than KRW200.

In November 2021, KT&G announced it would carry out a shareholder return package worth KRW2.8 trillion over the next three years, including a KRW1.8 trillion dividends payout.

Last year, the company bought back KRW350 billion of its shares and paid dividends of some KRW576 billion to shareholders.

In the third quarter, KT&G posted record sales of KRW1.62 trillion, an 8.5 percent increase compared to the comparable 2021 period, mostly driven by growth in noncombustible cigarette sales and overseas business.

“We plan to take a leap forward as a global leading company based on the heated-tobacco and health supplement business, including ginseng, ESG and compliance management,” KT&G General Director Bang Kyung-man was quoted as saying by The Korea Herald.

KT&G exports cigarette products to 124 countries and has offices in the U.S., China, Russia, Turkey, Taiwan and Indonesia.