Nexon provides all-time high dividends to its parent company in 2020

Nexon, South Korea’s largest game developer, has paid a record amount of cash in dividends to its parent company NXC after posting all-time high earnings last year, according to the Japanese electronic disclosure system Sunday.

According to the Electronic Disclosure for Investors‘ NETwork, Nexon provided a dividend of 29.9 billion yen (320 billion won) to its parent company last year.

In total, Nexon provided 61.4 billion yen of dividends through last year, up around 30 percent from 2019‘s 46.7 billion yen.

NXC is expected to spend the dividends on buying back shares, according to the industry sources. NXC currently plans a share buyback sized at 100 billion yen by 2023.

NXC will also provide an annual dividend of 5 yen per share to its shareholders, a 2.5-fold increase from that of 2019.

The family members of Kim Jung-ju, the chairman of NXC, will receive a total of 2.1 billion yen, accordingly.

Kim’s family currently holds 28.7 percent share in NXC and 18.9 percent share in NXC’s subsidiary NXMH.

Meanwhile, Nexon‘s operating profit last year reached 111.5 billion yen, while its revenue reaching at 293 billion yen, according the company’s regulatory filing on the Tokyo Stock exchange.

By Shim Woo-hyun (ws@heraldcorp.com)