By Mauro OrruExor on Wednesday approved a share buyback program of 1 billion euros ($1.08 billion) to be completed over the next 12 months, as the group seeks to make the most of its current value to invest in its own companies. The investment company, which holds stakes in a number of companies such as car makers Ferrari and Stellantis, made the announcement after its net profit for the six months ended June 30 surged to EUR2.16 billion from EUR265 million in last year's first half, an improvement that the group attributed to results of its subsidiaries. "The board believes that the current value of Exor provides an attractive opportunity to invest in its own companies through buying back shares," it said. Exor's net asset value increased to EUR34.19 billion at the end of June from EUR28.23 billion at the end of December last year. Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94(END) Dow Jones NewswiresSeptember 13, 2023 13:09 ET (17:09 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal September 14, 2023 05:11 UTC