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Japan’s second-biggest oil refiner, Idemitsu Kosan Co, on Tuesday raised its full-year net profit forecast as higher oil prices along with a weaker yen boosted inventory valuation, also announcing a share split to attract more investors.
Idemitsu increased its net profit forecast for the year through March 2024 by 80 per cent to 180 billion yen ($1.2 billion), following upwards profit revisions last week by peers Eneos and Cosmo Energy Holdings.
To “facilitate investments in the company by investors of various age groups”, Idemitsu said it would split each common share into five shares and plan to pay a 16-yen-per-share year-end dividend, equivalent to 80 yen per share before the split, up from 60 yen in a pre-split forecast.
Its half-year net profit to Sept. 30 was down 41 per cent to 165 billion yen on weaker oil and coal prices compared to the same period a year ago.
($1 = 151.6700 yen)
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