Message from the President

An essential presence as the best partner for life and society

The energy industry has entered an age in which only the fittest companies that adapt to change will survive nowadays. The industry has had to fare with significant structural change, notably restructuring among domestic oil companies, while at the same time demand for energy, including petroleum products, has been shrinking due to the declining birthrate, aging population and steady adoption of energy-saving measures. Also, the industry is becoming increasingly competitive as the full-scale liberalization of the electricity and city gas retail markets has brought many new players into the market, including from other industries. Under the Paris Agreement, Japan is targeting a 26% reduction of greenhouse gas emissions in FY2030 compared to the level in FY2013. Measures to achieve a low-emission energy mix, such as introducing more renewable energy and the pursuit of further energy efficiency, are accelerating.

Our group, which has been moving forward as an energy trading company for more than half a century, has formulated a growth strategy, "Moving!" to create new value without being constrained by existing business models or preconceived ideas, and has been working to achieve its goals.

We promote a medium-term business plan, “Moving 2020 Horizons” covering the two years from FY2019 to FY2020. In FY2019, the first year of the plan, we were able to achieve a fifth consecutive year of record net profit attributable to Itochu Enex’s shareholders. In addition, we paid a dividend of ¥44 per share, an increase of ¥2 per share from the previous year, marking our seventh consecutive year of dividend increases.

In 2020, the world is in the midst of an unprecedented upheaval due to the spread of a new type of coronavirus infection(COVID-19). In this environment, the energy industry is expected to be more strongly affected by the development of new technologies and changes in consumer consciousness.
With these influences, we decided to revise our Medium-term Business Plan on May 2020(For more details).

January 2021, our company will celebrate our 60th anniversary. While the environment is undergoing drastic changes, we will respond more flexibly than ever before to these changes and develop businesses that contribute to society as the best partner for life and society.
I ask for your continuing guidance and support and welcome high expectations on the part of all our stakeholders.
 
 
 
June 2020,
Kenji Okada