Nissui (1332) Q4 2024 earnings summary

Executive summary

• FY2023 net sales rose 8.2% to ¥831,375m, operating profit increased 21.1% to ¥29,663m, and attributable profit rose 12.3% to ¥23,850m; operating and attributable profit reached records.

• Food Products drove profit growth, offsetting lower Marine Products profit; Fine Chemicals recorded an operating loss.

Financial highlights

• Gross profit increased to ¥125,644m from ¥116,051m; ordinary profit was ¥31,963m.

• EPS rose to ¥76.67 from ¥68.22; comprehensive income increased to ¥39,774m from ¥32,564m.

• Total assets increased 10.4% to ¥606,384m; net assets reached ¥257,304m and the equity ratio improved to 41.1% from 39.5%.

Outlook and guidance

• FY2024 forecast: net sales ¥875,000m, operating profit ¥32,500m, ordinary profit ¥35,000m, attributable profit ¥24,000m and EPS ¥77.21.

• FY2024 segment operating-profit plan: Marine Products ¥14,400m (+35.1%), Food Products ¥25,500m (-6.6%), and Fine Chemicals ¥300m versus a ¥100m loss.

• FY2024 dividend plan is ¥24 per share; priorities include global Fine Chemicals expansion and sustainable aquaculture growth.

• Fine Chemicals pharmaceutical raw-material sales are excluded from the plan because European approval timing and U.S. export resumption are uncertain.

• Guidance assumes seafood-market recovery; South American aquaculture may benefit from fish valuation, while domestic aquaculture faces higher feed costs.