Thursday, July 18, 2024
HomeWorld newsSumitomo will strengthen shareholder returns in a new medium-term plan

Sumitomo will strengthen shareholder returns in a new medium-term plan

Trading firm Sumitomo said it will buy back its shares and implement a progressive dividend policy, putting it in line with the other four major competitors in a bid to boost shareholder returns.

Sumitomo will allocate 700 billion yen ($4.5 billion) in returns over the next three years, targeting a total shareholder return ratio of 40%, the company said in a filing on Thursday. It also targets a return on equity of at least 12% for the fiscal year ending March 2027, and plans to buy back ¥50 billion of shares.

The stock closed 4.4% higher, a record high, after briefly rising as much as 7.6%. Trading volume increased fivefold the quarterly daily average.

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