Seoul, Jan 29 (IANS): LG Electronics has announced it will pay out more dividends to its shareholders in a move to increase its shareholder value.

LG said its shareholders will receive 1,200 won ($1.07) per common share and 1,250 won per preferred share for the fiscal year of 2020 after approval in March at its shareholders meeting.

Last year, the company gave 750 won per common share and 800 won per preferred share to its shareholders.

At its board meeting, LG also approved its 2020 earnings report.

The company logged sales of 63.26 trillion won last year, up 1.5 per cent from a year ago, while its operating profit surged 31.1 per cent on-year to 3.18 trillion won.

Net profit for the year stood at 2.06 trillion won.

LG is scheduled to announce the detailed performance of its respective business divisions on Friday.

Meanwhile, LG's board of directors also approved a plan to introduce an electronic voting system for its shareholders meeting starting March.