Actor Lee Je-hoon's 'I-KLE TIME' Dodream, Mixed Performance and High Dividends

Widely known for its children's height growth health functional food 'I-KLE TIME' and actor Go Hyun-jung's 'Slimway Diet', Dodream Co., Ltd. is experiencing a continuous decline in performance behind its flashy star marketing. Furthermore, even as performance slows down, the company is maintaining a high-dividend policy for its largest shareholders rather than reinvesting internally, raising growing questions about the company's future growth engines and prospects.

Star Marketing Featuring Go Hyun-jung, Lee Je-hoon, and Choi Myung-gil… A Regrettable Downward Trend in Performance

However, despite the massive expenditure, performance continues to trend downward. The sales figure, which was about 30.3 billion won in 2021, has shown a clear annual downward trend: about 29.9 billion won in 2022, 20.3 billion won in 2023, 18.3 billion won in 2024, and 17.4 billion won in 2025.

Not only the contraction in size but also the deterioration in profitability is deeply painful. The operating profit margin, which reached 17.17% in 2021, plummeted to 1.41% in 2023. Operating profit, which was about 5.2 billion won in 2021, plummeted to about 280 million won in 2023, just two years later.

Eventually, in 2024, continuous sales slowdown combined with 2.43 billion won in advertising and marketing expenses led to an operating loss of about 630 million won, turning into a deficit. During this period, the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin, an indicator showing a company's cash-generating ability, also recorded a negative figure (-1.23%), showing that its fundamental strength in its core business was severely shaken. Although operating profit partially recovered to about 900 million won in 2025, sales themselves decreased again year-on-year to 17.4 billion won, raising concerns that the fundamental growth engine is slowing down.

More Interested in Dividends Than Company Investment?… Cash Flow of a 100% Family-Owned Company

Despite the regrettable situation of slowing sales and operating deficits, Dodream's dividend policy is quite aggressive. Dodream is an unlisted family company where four related parties, including CEO Lee Chul-hee and his family members, share 100% of the stakes.

According to the audit report, the company's net income in 2024, when it recorded an operating deficit, was around 1.14 billion won, but the cash dividends paid that year reached 5 billion won. Subsequently, in 2025, after recording a net income of about 4.23 billion won, it spent 2 billion won on dividends.

Although the dividends are paid within lawful retained earnings, the massive cash outflow in a situation where the company's sales volume has been shrinking for years and even recorded an operating loss is a point worth noting. Some observers look on with disappointment, questioning whether the largest shareholder's family is more interested in taking immediate dividends rather than investing in new businesses or securing financial soundness to overcome the crisis.

When a company hits a wall in growth, internal innovation and reinvestment based on a long-term perspective are essential. However, Dodream currently continues to rely on star marketing to defend against sales declines, while diverting a significant portion of its profits to shareholder dividends.

Amid a downward trend in performance that has continued for years, it remains unknown how long the company can chase the two rabbits of aggressive advertising spending and a high-dividend policy simultaneously. Close attention is being paid to the company's future moves to see whether Dodream can overcome its current stagnation and achieve long-term survival and growth.