Japan's Eneos ups FY26 net profit forecast 48% on stronger oil prices

TOKYO, Nov 11 : Japan's largest oil refiner Eneos Holdings raised its fiscal 2026 net profit forecast on Wednesday by 48 per cent to 615 billion yen ($3.87 billion), citing stronger-than-expected oil prices, despite a hefty impairment on renewable energy assets.

• The company said it now expects net profit for the year ending March 2027 to rise from its May prediction of 415 billion yen, driven by higher crude oil prices and stronger overseas petroleum product prices

• Eneos booked a 111.8 billion yen impairment loss in the July-September second quarter on its renewable energy business, primarily related to goodwill from its 2022 acquisition of Japan Renewable Energy

• For the April-September first half of fiscal 2026, net profit jumped nearly eightfold from a year earlier to 511.9 billion yen

($1 = 158.7600 yen)