By Maitane Sardon

Shares in Exor rose in early trading on Thursday after the investment company said that it has approved a share buyback program of 1 billion euros ($1.07 billion), and that net profit soared in the first half.

Exor reported a net profit of EUR2.16 billion for the six months ended June 30, compared with the EUR265 million a year earlier. It attributed the improvement to the results of its subsidiaries.

The company said it will buy back EUR1 billion of its own outstanding shares over the next 12 months to invest in its own companies.

At 0719 GMT shares traded 6.3% higher at EUR86.72.

Exor said its 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 Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

September 14, 2023 03:42 ET (07:42 GMT)

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