Hite Jinro CEO and Executives Buy 30,000 Shares to Promote Responsible Management

Twenty executives at Hite Jinro, including CEO Jang In-seob, have initiated a stock buyback. This marks a new beginning for the company following a leadership change after 14 years, with Jang emphasizing responsible management to restore market confidence.
 
Hite Jinro announced on May 18 that Jang purchased 5,000 shares, while eight other executives acquired a total of 10,831 shares.
 
Additionally, 11 more executives plan to buy over 1,000 shares each by June, bringing the total to approximately 30,000 shares purchased by the management team.
 
The decision to buy back shares reflects a serious acknowledgment of the current challenges. According to the Financial Supervisory Service's electronic disclosure system, Hite Jinro reported a consolidated operating profit of 55.9 billion won in the first quarter of this year, a 10.8% decrease from the same period last year. Revenue also fell by 3.6% to 590.8 billion won.
 
Last year, Hite Jinro's consolidated revenue was 2.4986 trillion won, down 3.9% from the previous year, with operating profit dropping 17.2% to 172.3 billion won. The overall contraction in the alcoholic beverage market has impacted Hite Jinro as well.
 
In this context, the executives' personal investments signal their confidence in the company's future.
 
A Hite Jinro representative stated, "Despite the shrinking domestic liquor market and external cost pressures, we are expressing confidence in long-term growth through global market expansion. We expect to improve our performance by enhancing management efficiency and building our strength."
 
Hite Jinro is also significantly increasing investments aimed at penetrating global markets. The company is set to complete its production facility in Vietnam in the second half of this year and is strengthening its lineup of export-oriented products, including fruit liqueurs that mix distilled spirits with fruit juice and sweeteners.

Hite Jinro emphasized, "While solidifying our foundation through responsible management domestically, we will achieve growth through aggressive expansion internationally."