- Wednesday, October 16, 2024
Shares of Inpex, the Japanese energy company, experienced significant gains on Thursday morning following its upward revision of earnings projections for 2023. The company also unveiled plans for a substantial share buyback and increased dividends.
As of the latest data, Inpex shares were up by a remarkable 17%, reaching 2,119.5 yen.
In an announcement made on Wednesday after the close of the market, Inpex disclosed that it aims to repurchase its own shares worth up to Y100.0 billion ($695.8 million) by December 29. This ambitious buyback program could potentially account for 6.1% of the company's outstanding shares.
Inpex emphasized that this move is designed to enhance capital efficiency and maximize returns for shareholders.
Moreover, Inpex adjusted its dividend forecast for 2023, raising it to Y74.00 per share from the previously projected Y64.00.
The decision to revise earnings projections for the current year was attributed to a weaker yen and stronger-than-expected performance thus far. Inpex now anticipates the Japanese currency to trade at Y135.0 per dollar in the second half, up from the previous projection of Y128.8 per dollar. Additionally, the revised forecast for Brent crude oil in the second half stands at $80.1 per barrel, surpassing the previously predicted $79.0 per barrel.
As a result of these adjustments, Inpex now expects revenue for 2023 to decrease by 13% to Y2.031 trillion, up from the previously forecast Y1.994 trillion. Similarly, net profit is projected to decrease by 31% to Y320.00 billion, surpassing the previous guidance of Y300.00 billion. Inpex reported a first-half net profit increase of 38% to Y254.255 billion compared to the same period the previous year.
For more information on this matter, please contact Kosaku Narioka.
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