Mirae Asset Daewoo surpassed 1 trillion won ($0.9 billion) in operating profit for the first time in a securities company.
Mirae Asset Daewoo said on Jan. 28 that its consolidated operating profit last year rose 51.76 percent from the previous year to 1.1047 trillion won. Mirae Asset is the first securities company to have operating profit exceeding 1 trillion won.
Mirae Asset Daewoo's combined operating profit for the fiscal year 2020 increased by 376.7 billion won (51.7 percent) compared to the previous year. Pre-tax profits increased by 234.7 billion won (26.2 percent) during the same period, while net profit rose by 154 billion won (23.2 percent).
"For the first time in the financial investment industry, we opened an era of 1 trillion won in operating profit," said an official at Mirae Asset Daewoo.
"We were able to make 1 trillion won in pre-tax profit by showing even performance in all operating sectors such as overseas business, WM (wealth management), IB (investment bank) and trading."
The official added, "In the era of Money Move, Mirae Asset Daewoo will solidify its balanced profit structure based on thorough risk management and establish itself as a global top tier IB through qualitative growth."
Meanwhile, Mirae Asset Daewoo announced its decision to purchase 100 billion won worth of its own shares on the same day. The estimated acquisition is 10.5 million ordinary shares, accounting for 2.1 percent of the total number of shares in circulation. Mirae Asset Daewoo plans to complete the purchase in the market within three months from Jan. 29 to April 28.
"This year, we will be able to secure downward rigidity in stock prices by continuing to acquire our own shares to enhance shareholder value," a Mirae Asset Daewoo official said. "It reflects the group's willingness to do its best to protect shareholder interests."
Mirae Asset Daewoo acquired about 372.7 billion won (50 million shares) of its own shares on four occasions last year and incinerated 13 million shares.
"This year, we will be able to secure downward rigidity in stock prices by continuing to acquire our own shares to enhance shareholder value. It reflects the group's willingness to do its best to protect shareholder interests," a Mirae Asset Daewoo official said.
Mirae Asset Daewoo acquired about 372.7 billion won (50 million shares) of its own shares on four occasions last year and incinerated 13 million shares.
