1. South Korea Stocks

  2. •

    Consumer non-durables

  3. •

    Beverages: alcoholic
MH Ethanol Co., Ltd.

MH Ethanol Co., Ltd.

KKRX:023150
2,630.00
KRW
+295.00
(+12.63%)
-1,363.91EPS
27.59BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3,306.5
3,395.86
3,442.82
3,389
3,628.37
5,314.66
6,084.01
7,272.87
7,839.71
8,506.5
8,108.62
7,748.8
7,391.38
6,592.23
Basic EPS, GAAP
511
-13
531.5
564.5
471
-43.5
-39.5
524.5
454
383
359
-240
-186
-339.25
Free Cash Flow per Basic Share
364.63
137.99
781.55
728.06
-78.05
-1,284.92
653.22
1,102.4
1,504.62
876.62
1,162.06
849.37
1,467.14
566.34
Dividend per Share
- -
- -
100.83
126.12
150.96
176.31
176.62
175.05
174.97
175.01
125.08
125.56
125.02
- -
Book Value per Share
3,271.11
3,577.18
3,976.38
4,410.19
4,774.51
4,642.48
4,412.68
4,714.8
4,827.01
5,113.71
5,362.2
5,030.42
4,675.15
4,758.57
Tangible Book Value per Share
2,970.68
3,267.18
3,661.72
4,097.19
4,436.52
4,295.59
4,063.91
4,367.63
4,437.51
4,724.86
4,973.44
4,635.67
4,280.49
4,347.07
Basic Weighted Avg Shares
14
14
15
14
14
14
13
13
13
13
13
13
13
13
Sales/Revenue/Turnover
46,299
48,984
50,386
48,897
51,977
72,796
80,879
94,645
102,067
110,722
105,484
100,419
94,719
84,423
Operating Margin (%)
20.83
17.85
22.01
24.28
15.62
1.69
9.68
17.35
22.34
20.29
17.93
10.62
10.02
5.2
Depreciation Expense
851
828
1,134
1,168
2,855
12,253
13,564
15,052
14,852
14,521
14,266
14,639
12,232
8,169
Net Income, GAAP
7,155
-188
7,779
8,145
6,747
-596
-525
6,826
5,911
4,985
4,670
-3,110
-2,384
-4,345
Effective Tax Rate (%)
19.95
- -
22.43
22.07
34.84
- -
- -
24.88
24.89
- -
33.06
- -
- -
- -
Profit Margin (%)
15.45
-0.38
15.44
16.66
12.98
-0.82
-0.65
7.21
5.79
4.5
4.43
-3.1
-2.52
-5.15
Working Capital
-32,083
-2,888
1,962
12,069
-105,126
-111,504
-249,536
-108,410
-245,256
-138,206
-123,580
-229,774
-128,836
-128,495
LT Debt
8,167
732
484
348
169,747
163,786
51,507
185,865
45,956
140,682
141,744
12,634
3,500
3,018
Total Equity
45,886
52,789
57,884
63,582
106,837
91,585
79,389
80,425
84,703
95,398
99,070
77,103
62,561
64,118
Return on Invested Capital (%)
6.45
- -
10.74
12.58
2.45
- -
- -
3.68
5.42
- -
3.87
- -
- -
- -
Return on Capital (%)
8.05
- -
10.66
11.62
4.99
- -
- -
5.96
3.82
- -
3.78
- -
- -
- -
Return on Common Equity (%)
16.85
-0.38
14.06
13.41
10.42
-0.93
-0.88
11.49
9.52
7.71
6.85
-4.63
-3.83
-6.84

Capital Structure

KRW

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
68,212
61,777
61,115
LT Borrowings
3,271
3,049
2,827
LT Finance Leases
230
210
190
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
13
13
13
Market Capitalization
31,210
26,884
27,589

Working Capital

KRW

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
47,821
37,955
32,570
Cash, Cash Equivalents & STI
23,752
12,293
11,536
Accounts Receivable, Net
11,114
13,412
9,831
Inventories
10,102
7,923
8,034
Total Current Liabilities
176,657
166,126
161,066
Payables & Accruals
- -
- -
- -
ST Debt
68,212
61,777
61,115
Deferred Revenue
- -
- -
- -

Growth Rates

KRW

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.23%
-3.85%
-18.86%
Free Cash Flow
134.2%
14.18%
70.81%
Net Income, GAAP
-175.83%
-45.07%
-23.36%
Sales/Revenue/Turnover
7.26%
0.22%
-5.68%
Total Cash Common Dividend
- -
- -
-1.54%

Quarterly Revenue

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
20,863
29,182
25,366
25,008
100,419
2025
21,642
27,130
22,511
23,436
94,719
2026
20,963
17,514
- -
- -
- -

Quarterly Earnings Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5.5
241
-76
-415.75
-240
2025
197.5
197
-82.73
-497.63
-186
2026
146.2
95.5
- -
- -
- -

Quarterly Dividends Per Share

KRW

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
125.56
2025
- -
- -
- -
- -
125.02
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Dong-Ho Choi
Full Time Employees
55
Sector
Consumer non-durables
Industry
Beverages: alcoholic
Address
25, Gwangnyeocheonnam-ro Changwon South Korea
IPO Date
Dec 24, 1996
Website
mhethanol.com
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Business
MH Ethanol Co.,Ltd. MH Ethanol Co.,Ltd. engages primarily in the manufacture and distribution of alcohol products in South Korea, producing fermented alcohols and refined alcohols used as key raw materials for distilled spirits such as soju; through its subsidiary MH Bio Energy Co., Ltd., it produces bio-ethanol and fuel alcohols, alongside tapioca chips and roots for bio-ethanol manufacturing via subsidiary CJ Cambodia; and it manufactures distillation machinery and facilities through affiliated company MH Bio-Tech Co., Ltd., while also operating a golf course business and real estate rental activities. The company maintains production facilities equipped with energy-saving distillation plants, distillate evaporative enrichment systems, distiller's grains dryers, liquid carbon dioxide manufacturing units, cogeneration facilities, and CO2-based carbonate refining capabilities. Founded in 1978 as Muhak Alcohol Co., Ltd. and renamed MH Ethanol Co., Ltd. in March 2008, it is headquartered at 25 Gwangnyeocheonnam-ro, Naesu-eup, Changwon-si, South Korea, with a local subsidiary established in Cambodia in 2006 and products distributed domestically and to overseas markets including Vietnam, India, Thailand, and Australia. In recent developments, MH Ethanol Co.,Ltd. authorized and completed an equity buyback plan in 2024, repurchasing 100,000 shares representing 1.54% of its capital for KRW 609.47 million, with tranche updates reported throughout the year. The company employs 51 people and reports significant revenue from its alcohol segment alongside golf course operations, with sales geographically concentrated in the Republic of Korea. Led by CEOs Dong-Ho Choi and Hyun-Eui Yoon, it listed on the KOSPI exchange (ticker: 023150) in December 1996.