EL7.AI
StocksMedium•11 November 2026•
1 min read

Japan's Idemitsu Quadruples Annual Profit Forecast on Stronger Oil Prices

Key Facts

1Idemitsu raised its net profit forecast for the fiscal year ending March 2027 to $1.86 billion.
2The new figure is a significant increase from the previous prediction of 75 billion yen made in May.
3The company attributed the upward revision to stronger global oil prices.

Idemitsu raised its net profit forecast for the fiscal year ending March 2027 to $1.86 billion. The Economic Times reported that the new figure is a significant increase from the previous prediction of 75 billion yen made in May. The company attributed the upward revision to stronger global oil prices, which have improved refining margins and inventory valuation.

The company reported that net profit for the April-September first half rose more than fivefold from a year earlier to a record 322.4 billion yen. Regarding supply chains, CEO Noriaki Sakai stated that the share of crude oil sourced from the Middle East currently stands at over 60%, with plans to increase this share if shipping through the Strait of Hormuz returns to normal. Additionally, Idemitsu expects its Nghi Son refinery in Vietnam to post a net profit as it continues to operate at high capacity.