[비즈한국] It has been confirmed that Areum Holdings, a family company controlled by Hankook & Company000240 Group’s second-generation owner Chairman Cho Hyun-bum and his eldest son (18), is on a growth trajectory and accumulating cash. Given that a third-generation owner holds a significant stake, attention is already focused on how these accumulated funds will be utilized in the future.
Chairman Cho Hyun-bum has two children: a daughter (21) and a son (18). The two are shareholders of the holding company Hankook & Company and the major subsidiary Hankook Tire & Technology161390. It has been confirmed that the daughter holds 3,508 shares (0.00%) of Hankook & Company and 15,351 shares (0.01%) of Hankook Tire & Technology, while the son holds 3,497 shares (0.00%) of Hankook & Company and 15,302 shares (0.01%) of Hankook Tire & Technology. Perhaps due to their young age, the number of shares held is quite minimal.
The son is also listed as a major shareholder of Areum Holdings, another holding company established by Chairman Cho. Areum Holdings was founded by Chairman Cho Hyun-bum in December 2018 with a capital of 2.4 billion won, and in January 2022, the son injected 1 billion won to acquire a 29.41% stake, becoming the second-largest shareholder. In 2019, the company acquired a 90% stake in Areum Dentistry, a dental medical device manufacturer, for 20.3 billion won, bringing it under its umbrella as a subsidiary. After its establishment, it showed signs of slowing down, with consolidated revenue falling from 26.3 billion won in 2019 to 20.4 billion won in 2020.
Areum Holdings' revenue turned to a growth trend starting in 2021. According to the company's business reports, it recorded revenue of 31.5 billion won in 2021, 41.4 billion won in 2022, and 40.5 billion won in 2023. Retained earnings are also steadily accumulating. In 2020, when the company recorded a net loss due to declining revenue, its consolidated retained earnings were around 800 million won, but as performance improved, consolidated retained earnings grew to about 2.8 billion won last year. Capital surplus generated from capital also increased from 5.3 billion won to 11.3 billion won during the same period. In total, Areum Holdings, the family company of Chairman Cho and his son, holds 17.5 billion won in cash.
Interest is focused on how these funds will be used in the future, as capital surplus could potentially be converted into retained earnings and used for dividends. This is because company funds could eventually flow into the pockets of Chairman Cho and his son. No dividends have been issued yet, and some speculate that it is not yet the time for dividends as Areum Holdings is heavily focused on business expansion, including entry into Indonesia.
Regarding Areum Holdings' dividends and future operational plans, a Hankook & Company official stated, "As it is a family company owned by Chairman Cho and his son, it is a matter that is difficult for the group to verify separately."