Mitsubishi Corp. will repurchase $2.2 billion worth of shares after making a record profit
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Net income of Mitsubishi Corp. at the end of fiscal year 2023 (ended on March 31) grew by 26.6% and reached a record 1.27 trillion yen ($8.9 billion), follows from reporting Japanese trading company. Given the record earnings, the company’s management announced a massive share buyback. By the end of the year, up to 6% of the company’s share capital for a total amount of up to $2.2 billion will be bought back from shareholders.
Mitsubishi’s profits rose primarily due to a sharp rise in commodity prices last year after the outbreak of hostilities in Ukraine. For example, the company’s profit from gas trading increased by 62% compared to the previous year.
Mitsubishi is not the first Japanese trading company to announce a massive share buyback. Similar plans were previously reported by Sumitomo Corp., Tokyo Gas and Mitsui & Co.
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