[News Space=Reporter seungwon lee] Disamobili (CEO Choi Dong-yeol), a company specializing in importing and selling luxury imported furniture, was found to have paid out 16 billion won in dividends over the past six years, despite a decrease in sales, operating profit, and net profit last year.
Disamobili, which has been introducing world-class European luxury furniture, has established itself as a top company in the domestic imported furniture industry by presenting brands such as Poliform and Moroso from Italy, Ligne Roset, Erpo, Cierre, and Artisan from France, and Bosse, RENZ, and TRECA from Germany.
Looking at the shareholder composition and shareholding ratio of Disamobili, the family owns a total of 100% of the shares, including CEO Choi Dong-yeol (45%), Kang In-sun (18.5%), Choi Ga-young (20%), Choi Su-young (15%), Choi Jun-seo (0.5%), Choi Yun-seo (0.5%), and Choi Min-seo (0.5%).
The flagship store in Nonhyeon-dong, Gangnam-gu, has become famous as a store frequented by the super rich in Gangnam, as it exhibits differentiated living trend products of high-end brands with a total of 11 floors of sensational and unique products. Disamobili was established on April 20, 1994, and this year is the 30th anniversary of its incorporation. Its headquarters are located at 29, Gangnam-daero 132-gil, Gangnam-gu, Seoul, and it has 13 stores in major department stores nationwide and a Jeju branch.
Last year, sales decreased by 14% from the previous year (KRW 33.8 billion) to KRW 29.2 billion. It was found that sales revenue was more than double the cost of sales, reaching KRW 15.2 billion in 2022 and KRW 12.1 billion in 2023.
Operating profit was 3.5 billion won, down 30% from the previous year (5 billion won), and net profit was 3.8 billion won, down 10% from the previous year (4.2 billion won). In 2021, the company posted a whopping 16.9 billion won in net profit.
Due to the simultaneous decrease in sales and operating profit, the operating profit ratio also fell from 15% in 2022 to 12% in 2023.
Even under these circumstances, dividends were paid for six consecutive years. A total of 16 billion won was paid: 5 billion won in 2018, 3 billion won in 2019, 2 billion won in 2020, 3 billion won in 2021, 1 billion won in 2022, and 2 billion won in 2023. As it is a family-owned company, all of it went into the family’s pockets.
The dividend payout ratio, which was 17.74% in 2021, soared to 23.65% in 2022 and 52.58% in 2023.
However, the donation amounted to only 3.4 million won, which was not befitting the reputation of a luxury furniture importer.
In addition, there is a short-term loan of 7.1 billion won, and the company owns land of 140 pyeong (appraised value of approximately 10 billion won) at 55-2 Nonhyeon-dong, Gangnam-gu, Seoul and 1.3 pyeong (appraised value of 100 million won) at 1337-3 Seocho-dong, Seocho-gu, Seoul.
It was revealed that last year, 3.8 billion won was spent on salaries, 870 million won on sales promotion expenses, 240 million won on advertising and publicity expenses, and 120 million won on entertainment expenses.
Regarding the use of short-term borrowings, the position on dividend payments, and brands with a large sales proportion, a representative from Disamobili's public relations team said, "We have nothing else to say."