Japan’s top utility gas provider Tokyo Gas Co. plans to boost its dividend by the fiscal year that ends March 2029 as part of a wider strategy to deliver 200 billion yen ($1.3 billion) in shareholder returns.
The company on Wednesday announced a new midterm management plan spanning fiscal years 2026 and 2028, with the goal for dividends to reach 140 yen ($0.92) per share by the end of the period. That compares with its 100 yen dividend for the current fiscal year.
Tokyo Gas shares briefly jumped after the announcement, rising as much as 7%, before reversing those gains gains to trade 0.8% lower at 2:30 p.m. in Tokyo. The company also said it plans to invest as much as 1.3 trillion yen by the end of fiscal year 2028, including 350 billion yen overseas.
The move comes as Tokyo Gas is under pressure to improve capital efficiency, after activist Elliott Investment Management disclosed last year that it acquired a 5% stake in the firm. Bloomberg reported in August that Tokyo Gas decided to sell a commercial building in Ginza as shareholders push the company to unload assets that aren’t essential for its core business.
In total, Tokyo Gas said it plans 200 billion yen of total shareholder returns over the three-year period.
Tokyo Gas also announced earnings for the second quarter, and boosted its fiscal year guidance. The company increased its annual operating income forecast by 4.4% to 166 billion yen, and dividend to 100 yen a share versus 80 yen in prior guidance.
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