On May 10, we announced our financial results for FY2022.
During the first half of FY 2022, the business environment remained challenging due to fluctuations in automobile production volume and soaring raw material and fuel prices, caused by the shortage of semiconductors and the lockdown in China.
Responding to production fluctuations put a strain on our employees in their daily work.
However, from the second half of the year onward, each business division responded well to the situation, despite fluctuations in automobile production.
In addition, the sales division led the way in persistent negotiations with customers to reflect selling prices for raw materials and fuels and other price hikes, which led to a recovery in our business performance.
In the fourth quarter (January-March), profits exceeded our previously announced forecast due to progress in reflecting the surging prices of raw materials and fuels in selling prices, and reducing overhead costs.
Summary of FY2022 Financial Results
Net sales: 541 billion yen (Year-ago: +21.3%)
Business profit: 17.9 billion yen (vs. same period last year: 2.8 times)
Net profit attributable to owners of the parent: 6.7 billion yen (vs. -6.4 billion yen in the same period last year)
Forecast for FY2023 Full-Year Financial Results
Net sales: 560 billion yen.
Business profit: 20 billion yen.
Net income attributable to owners of the parent: 6.8 billion yen.
All items are expected to be at their highest levels in the last 10 years.
We expect a gradual recovery of the economy, although the external environment is likely to remain uncertain due to the protracted situation in Ukraine, inflation, and the shortage of semiconductors.
Let's keep our spirits up in FY2023 and make sure that we are doing the work that lies ahead of us.
At the end of May, we plan to announce our vision through FY2029, the 100th anniversary of our founding, and our medium-term management plan through FY2025.
I would like to clarify the vision and target figures that the Sumitomo Riko Group is aiming for, and we will grow together as a united group.
Let us work hard together!