Pearl Abyss, whose earnings improved sharply on the success of "Crimson Desert," will pay its first-ever cash dividend since its founding.
Pearl Abyss disclosed the shareholder return plan containing these details Tuesday. The plan gives concrete form to the corporate value enhancement direction outlined at the regular shareholders' meeting in March.
First, to enhance shareholder value, Pearl Abyss plans to pay annual dividends of the greater of 10 billion won or 10 percent of net profit each year.
In addition, the company will cancel 1,403,945 treasury shares to enhance shareholder value. This amounts to half of the 2,803,945 treasury shares the company holds. In monetary terms, this is approximately 54 billion won based on the June 8 closing price. The cancellation is scheduled for the 12th of this month. The company also plans to buy back a total of 100 billion won worth of treasury shares through a trust in the second half of this year.
Pearl Abyss plans to strengthen the competitiveness of its live-service games while raising corporate value based on new game development and technological capabilities. "Crimson Desert," an action-adventure game launched on March 20, sold more than 5 million copies within a month, helping the company post first-quarter revenue of 328.5 billion won, operating profit of 212.1 billion won, and net profit of 158 billion won.
