REUTERS
May 3, 2023 at 12:23 JST
Mitsui & Co. President Kenichi Hori at a news conference in Tokyo on May 2 (The Asahi Shimbun)
Mitsui & Co. posted a 24% increase in 2022/23 net profit to record 1.1 trillion yen ($8 billion) on Tuesday, boosted by high energy prices, but warned the current fiscal year results could be weaker amid lower commodity prices.
Mitsui, involved in liquefied natural gas (LNG) and other fossil fuel projects worldwide including in the United States, Australia and Russia, said revenues in the fiscal year ended on March 31 rose by 22% to 14.3 trillion yen from the same period a year ago.
Mitsui, one of Japan's top trading houses, said net profit in the 2023/24 fiscal year is seen 22% lower at 880 billion yen, as commodity prices are forecast to fall from last year peaks, but results should be supported by Mitsui's machinery and infrastructure, as well as lifestyle businesses.
For the year to March 2026, Mitsui forecasts profit of 920 billion yen with the full-year dividend of 150 yen per share or higher and plans to more than double renewable energy in its power generation portfolio to over 30% by 2030 on 2019 levels, it said.
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