[News Space=Reporter seungwon lee] OB Beer (CEO Ben Magda Seiberhard), the number one beer in the domestic market, announced its performance for last year after raising prices on April 1.

According to the audit report of the Financial Supervisory Service's electronic disclosure system on the 5th, OB Beer's consolidated sales in 2024 were tallied at KRW 1.7404 trillion, up 12.6% from the previous year (KRW 1.5458 trillion). Operating profit was KRW 367.6 billion, up 56% from KRW 236.4 billion the previous year. Net income also increased 57% year-on-year to KRW 241.1 billion.

Even though the overall growth of the liquor market slowed down last year, it achieved good results.

OB Beer paid 332.8 billion won in dividends to its parent company AB InBev, a 75.2% (142.8 billion won) increase from the previous year. OB Beer paid 190 billion won in dividends to AB InBev in 2023. 

In particular, the fact that OB Beer has a dividend payout ratio of 138% shows a very unusual and noteworthy financial strategy. In other words, the company paid out more in dividends than its net income earned.

The dividend payment was made using retained earnings amounting to KRW 1.396 trillion. The reason why OB Beer was able to pursue this dividend policy was because it had high cash and cash equivalents. OB Beer's cash and cash equivalents are maintained at a very stable level of KRW 206.1 billion.

In addition, sales expenses, management expenses, and logistics expenses increased by 15% year-on-year to KRW 697.1 billion. Advertising and publicity expenses were KRW 153.9 billion, salaries were KRW 130.4 billion, and commissions were KRW 84.6 billion. In addition, there was a loan of KRW 2.4 billion to a subsidiary, Jet X Ventures, through a special related party financial transaction.

The debt ratio rose to 99.2% from 92.3% the previous year. The current ratio also stood at 58.8%, which was due to an increase in short-term borrowings (KRW 1.77 billion) and current liabilities. Cash assets were KRW 206.1 billion, maintaining a similar level to KRW 214.5 billion the previous year.

The intangible asset amount was 1.5061 trillion won, which includes brand value (294.6 billion won) and goodwill (1.1612 trillion won). In particular, OB Beer's intangible asset ratio is high compared to other companies, reaching about 54% of total assets.

An official from the liquor industry claimed, "Because OB Beer's intangible asset value is high, there is a tendency to manage internally the decline and damage to goodwill and brand value."

Additionally, 4.6 billion won (Anheuser-Busch Worldwide Investments 3.3 billion won, SPRL InBev Belgium BVBA 1.3 billion won) was paid under the name of technology usage fees. 

There is also one lawsuit in progress. The amount of the lawsuit in which OB Beer is the defendant is 110 million won, and a lawsuit reserve has also been set aside.

In particular, we are currently under investigation by Seoul Customs and related organizations regarding customs duties.

The issue of customs investigation of OB Beer was brought to full swing with the search and seizure by the Korea Customs Service in April 2024. The Korea Customs Service imposed an additional tariff of 90 billion won on OB Beer and has filed a request for a trial with the National Tax Tribunal.

OB Beer is suspected of importing additional quantities of malt, a raw material for beer, through a third-party importer after exceeding the quota for which a 30% tariff is applied. The Korea Customs Service estimates that this is an attempt to evade the high tariff of 269%.

In March 2025, the Seoul Northern District Prosecutors' Office's Tax Crime Investigation Department began a criminal investigation upon receiving a complaint from the Korea Customs Service, and the amount of portal tax evasion is estimated to be in the hundreds of billions of won.

Regarding this, OB Beer claims that "purchasing malt through importers is a common practice in the industry," and that "additional taxation is unfair when importers repurchase quantities for which they have already paid duties," raising the issue of double taxation.

AB InBev, the top holding company of OB Beer, is implementing a stock-based compensation system for executives and employees. Through the stock compensation system, 12.32 million shares were granted to executives and employees, and stock compensation expenses amounted to 7.3 billion won.

Key executives were paid a salary of 3.1 billion won, a 3% increase from the previous year's 3 billion won.

Meanwhile, OB Beer was established on May 2, 1998 for the purpose of producing and selling beer, and began by comprehensively acquiring the beer business division from Doosan on September 1, 1998. It absorbed and merged with Cass Beer on March 1, 2001, and merged with Malt Acquisition, the company's controlling company (100% stake), on September 13, 2010. It absorbed and merged with Korea Specialty Beer, a subsidiary of the company, on December 31, 2010.

On April 1, 2014, Interbrew International BV acquired the entire stake of Malt Holding, which owned 100% of the company, from Silenus Holding BV. On January 24, 2015, for the purpose of improving the financial structure, it merged with Malt Holding, the parent company (100% stake), on February 28, 2015. On April 2, 2018, it acquired all the shares of The Hand & Malt and The Hand & Apple, and absorbed and merged them on November 1, 2018.

As of September 25, 2019, Budweiser Brewing (Korea Holdings) Limited acquired all of the shares from Interbrew International BV, which holds 100% of the company's shares. As of the end of the current period, the company's capital is KRW 20 billion, and the number of shares issued as of the end of the current period is 2,000 common shares.