BAKU, Azerbaijan, November 7. ITOCHU Corporation has reported significant financial developments for the first half of the fiscal year ending in 2024 (FYE 2024), reflecting a robust performance, Trend reports.
The company's total assets witnessed an impressive increase, growing by ¥1,054.3 billion compared to March 31, 2023, reaching ¥14,169.7 billion. This growth was primarily driven by the expansion of trade receivables resulting from increased trading transactions, along with increased investments accounted for by the equity method. The depreciation of the yen further contributed to this notable upswing.
ITOCHU's net interest-bearing debt also experienced an upward trend, increasing by ¥238.8 billion compared to March 31, 2023, reaching ¥2,629.9 billion. This increase was attributed to various factors, including additional investments in shares in ITOCHU Techno-Solutions, dividend payments, and share buybacks. The depreciation of the yen, albeit partially offset, also played a role. The stable performance in operating revenues partially mitigated this growth.
The company's total shareholders' equity showed a commendable increase of ¥388.6 billion compared to March 31, 2023, reaching ¥5,211.8 billion. This growth was driven by net profit attributable to ITOCHU during the fiscal year and the depreciation of the yen. However, it was partially offset by the decrease in capital surplus resulting from additional investments in shares in ITOCHU Techno-Solutions, as well as dividend payments and share buybacks.
ITOCHU maintained a strong financial position, with the ratio of shareholders' equity to total assets at 36.8%, the same level as of March 31, 2023. The NET DER (Net Debt to Equity Ratio) remained stable at 0.50 times during the same period. These figures underpin the company's robust financial health and its capacity to leverage its assets effectively.
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