Michang Oil Q1 2026: OP 13.7B, NP 16.9B, Solid Financials

Q1 standalone revenue KRW 101.1B, operating profit KRW 13.7B, net profit KRW 16.9B
Total assets KRW 563B, liabilities KRW 71.5B, equity KRW 491.4B, debt ratio 14.6%
Current assets KRW 437.9B including cash & equivalents KRW 42.8B and other financial assets KRW 239.2B
Treasury shares 226,693 (13.03%) held; board considering partial cancellation
Dividend policy: annual dividend maintained; payout ratio to be increased; continuous dividends since listing
Supreme Court final victory in Namcheon-dong reconstruction lawsuit eliminates contingent liability risk
Equity method gains from Stellar EV Battery Fund (KRW 395M) positive
CP rating A+ (NICE D&B) reaffirmed, reflecting financial stability