Japan's Marubeni, Itochu lift dividend forecast on record profits

ONEINNEWS.COM - Japanese trading houses Marubeni Corp and Itochu Corp raised their dividend forecast for the year to March 31 on Friday tha...



ONEINNEWS.COM - Japanese trading houses Marubeni Corp and Itochu Corp raised their dividend forecast for the year to March 31 on Friday thanks to record quarterly profits, and announced share buybacks to reward investors.

Japanese trading houses are beneficiaries of rising commodity prices from coal to liquefied natural gas (LNG), in contrast with domestic utilities peers facing cost inflation and financial losses.

Marubeni shares rose 3.4 per cent after it boosted its full-year earnings outlook, while Itochu shares traded 1.2 per cent lower after it maintained its annual guidance.

Marubeni's net profit in the nine months ended Dec. 31 grew 41.5 per cent to a record 463.5 billion yen. The firm lifted its full-year profit forecast by 4 per cent to a record 530 billion yen.

"Earnings of our U.K. wholesale and retail power unit called SmartestEnergy have been robust, while our coking coal and iron ore businesses in Australia have continued to generate healthy profits," Marubeni Chief Financial Officer Takayuki Furuya told a news conference.

"We have also decided to enhance shareholder returns as we have reinforced our earnings base and financial position," Furuya said.

The new policy include progressive dividend scheme to reflect medium- and long-term profit growth, with an initial annual dividend being set at 78 yen per share, up from 75 yen forecast previously.

Marubeni will also conduct a flexible share buyback with the aim of improving capital efficiency. The amount and timing of the buyback will be determined based on its new target of a total payout ratio of around 30 per cent to 35 per cent, it said.

Itochu posted a 3 per cent increase in its April-December net profit to reach a record high of 682.2 billion yen, achieving 85 per cent of its full-year profit target of 800 billion yen, it said.

The company also increased its full-year dividend forecast by 10 yen per share to minimum 140 yen per share and said it would spend 25 billion yen to buy back around 0.5 per cent of its shares by March 31.

($1 = 128.4800 yen)

Source: Reuters


Nama

Berita,1649,Internasional,131,kesehatan,4,Nasional,1562,O,4,OPINI,19,Pilihan Editor,4,Religi,2,
ltr
item
ONEinNews.com : Japan's Marubeni, Itochu lift dividend forecast on record profits
Japan's Marubeni, Itochu lift dividend forecast on record profits
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVutukEJn8ViEv2dhV0_tvEr0XTgYuxsU2L9bnhIAlKj46Ht0AAZzrFMKbh494TaRbgZUOEEo2mh89i5vpUNcl2khNmlGnRtTJqbvjJZUrp4XcbfTz31aeNQOGf9Fb6k_HgAL13ElGJOvf5tNKdcTrLgLA5pxbZMTElfO91tvaLR4tH1UBmE3h5AOv_g/w640-h502/AF83C3D0-6857-4093-9CBC-8CB15E046F69.jpeg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVutukEJn8ViEv2dhV0_tvEr0XTgYuxsU2L9bnhIAlKj46Ht0AAZzrFMKbh494TaRbgZUOEEo2mh89i5vpUNcl2khNmlGnRtTJqbvjJZUrp4XcbfTz31aeNQOGf9Fb6k_HgAL13ElGJOvf5tNKdcTrLgLA5pxbZMTElfO91tvaLR4tH1UBmE3h5AOv_g/s72-w640-c-h502/AF83C3D0-6857-4093-9CBC-8CB15E046F69.jpeg
ONEinNews.com
https://www.oneinnews.com/2023/02/japans-marubeni-itochu-lift-dividend.html
https://www.oneinnews.com/
https://www.oneinnews.com/
https://www.oneinnews.com/2023/02/japans-marubeni-itochu-lift-dividend.html
true
779480630151985486
UTF-8
Loaded All Posts Not found any posts VIEW ALL Selengkapnya Balas Cancel reply Hapus Oleh Beranda Halaman Postingan View All RECOMMENDED FOR YOU LABEL ARCHIVE CARI ALL POSTS Not found any post match with your request KEMBALI KE BERANDA Minggu Senin Selasa Rabu Kamis Jum'at Sabtu Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy