현금흐름 '비상등' SPC삼립…수익성 악화 속 40% 배당 딜레마

SPC Group faces a critical financial imbalance: profitability has collapsed (operating margins fell from 2.77% to 1.15%) due to commodity inflation, exchange rate pressures, and production disruptions, yet the company maintains a high 40% dividend payout ratio. With free cash flow plummeting from 207 billion won to 47 billion won and no clear recovery plan disclosed, investors should assess whether current dividend policies are sustainable against dwindling cash reserves.