April 25, 2024

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[THE INVESTOR] Samsung Electronics Vice Chairman Lee Jae-yong skipped a shareholders meeting on March 23 where top executives touched on current issues surrounding the company.

It was the first shareholders meeting held by the tech giant since Lee was released from prison last month after being embroiled in a political scandal that led to impeachment of former President Park Geun-hye.

“Samsung Electronics had an outstanding year in 2017 as we achieved record results despite an uncertain business environment,” Kwon Oh-hyun, chairman of the board of directors, said.

“In 2018, we are committed to delivering another successful year by taking on new challenges and building the foundation for mid to long-term sustainable growth.”

Kwon noted that Samsung posted a record-high operating profit of 53.6 trillion won (US$49.60 billion) last year, vowing to continue confronting new challenges down the road.

He also said Samsung will focus on increasing dividends throughout 2020 to share the company‘s robust earnings with shareholders. The planned 50-to-one stock split will also be carried out as planned, he said.

“This year, the expansion of protectionism and geopolitical risks will remain as major uncertainties for the company’s business environment, and the shift in the paradigm of the IT industry calls for the company to tackle challenges,” Kwon said, adding that Samsung will prepare thoroughly and expand communication with shareholders.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)