YG Entertainment sets new revenue record of 321.8 Billion KRW ($284 million USD)  in  News

Back by:  ifrit1112  on  February 26, 2017 12:05 PM

YG Entertainment sets new revenue record of 321.8 Billion KRW ($284 million USD)
On February 22,YG Entertainmentreleased their financial statements for 2016 and the entertainment company surpassed the 300 Billion KRW revenue mark for the first time in its history. 

For the fiscal year of 2016, YG posted an operating profit of 31.9 Billion KRW ($28.2 million USD).  This is an increase of 46.34% compared to the same period in 2015 when YG posted an operating profit of 21.8 Billion KRW ($19.2 million USD), an increase of 10.1 Billion KRW ($9 million USD).

In terms of revenue, YG saw an increase of 66.66% from 2015 to 2016.  YG's revenue in 2016 broke the 300 Billion KRW mark for the first time and posted 321.8 Billion KRW ($284 million USD). Over the same period in 2015, YG posted a revenue of 193.1 Billion KRW ($170.7 million USD).

Despite these huge revenue gains, the net income of YG decreased 41.2% in 2016 compared to 2015. The net income of 2016 was 14.1 Billion KRW ($12.4 million USD) and in 2015 it was 27.9 Billion KRW ($24.6 million USD).

A representative of YG stated,"With artists likeBig BangandiKON having an increased workload overseas there was an increase in revenue, it depends mostly on their activities." The rep also stated thatYG PLUSalso helped increase YG's revenue,"The new artist and new media division also experienced successful revenue from sales."

In terms of why the net income decreased despite the huge gains in revenue, the rep attributed this to the big increase in corporation and foreign taxes.

YG revealed that they will be paying out dividends of 200 KRW ($0.18) per share to shareholders. The total dividend payout is 35.48 Billion KRW ($31.37 million USD). Furthermore, the agency will be having a shareholders meeting next month on March 24. 

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