NSG Group Reports Strong Performance in Architectural Glass Segment

The NSG Group’s financial results from April 1, 2022 to March 31, 2023, show its full-fiscal year consolidated revenue was $5.5 billion*, compared to $4.3 billion* during the same period of 2021-22. Its full-fiscal year 2023 consolidated operating profit was $248.7 million*, compared to $142 million* in 2021-22, a nearly 54% increase.

According to NSG, its architectural segment reported $2.6 billion* in revenue in 2022. This is a 48% increase over the same time this past year. Most of the company’s architectural sales revenue came from Europe, the Americas and Asia.

Officials point to price increases as the reason for the jump in cumulative revenue, profit and quarter four (Q4) revenue. The segment’s operating profit decreased in Q4 due to high input costs and increases in freight and labor costs.

Regionally, European sales softened throughout the second half of 2022 due to inflation and rising interest rates. Higher sales prices did manage to blunt high input costs. In Asia, sales prices increased further in Japan due to a favorable demand-supply situation. Officials reported sales volume and price decreases throughout Asia due to strong competition in other countries during the second half of 2022. There also was strong demand for solar energy glass. In the Americas, sales prices increased because of strong demand. Demand also remained strong in South America, along with a desire for solar energy glass.

Looking ahead, NSG officials predict ample demand for architectural glass in 2024. The impacts of energy price volatility and a potential recession in Europe and the U.S. remain a concern. The company predicts that full-year revenue will be flat while operating costs will decrease for the financial year ending March 2024.

Along with a successful year in 2022, NSG focused on several reforms, including installing coating capacities for solar energy glass to an existing float furnace in Malaysia. The company is also considering an expansion of solar energy glass in the U.S., and it has begun a new verification test for transparent solar panels for use as windows at a railway station in Tokyo.

NSG officials added that the company’s joint venture, SP Glass Holdings BV, registered in the Netherlands but owning operating subsidiaries in Russia, has agreed to dispose of those subsidiaries.

Şişecam Reports Growth in 2022

Şişecam reported yearly sales growth of 197%, with more than 37% of sales listed as domestic and 63% of sales listed as international in its 2022 annual report. Şişecam’s consolidated sales in 2022 reached $4.8* billion while its EBITDA increased to $1.4 billion* from 2021’s total of $594 million*.

The Turkish glass manufacturer’s financial data indicates the majority of sales occurred in Europe (69%), followed by America (15%) and Asia Oceania (11%).

Flat Glass Financial Data

Nearly 30% of Şişecam total sales were attributed to its flat glass segment, which includes mirrors and patterned, laminated, coated and solar glass. Flat glass also accounted for 21.4% of the company’s international sales and 25.4% of investments.

Additionally, Şişecam reported that consolidated 2022 flat glass sales increased to $1.3 billion* from 2021’s reading of $499.6 million*. Its consolidated flat glass EBITDA doubled in 2022 to $427.1 million*.

Flat Glass 2022 Overview

The company produced 3 million tons of flat glass in 2022, which was 51% of the company’s total glass production. Sustainability was a focus for the company in 2022, say officials, as the company aims to increase its installed patterned glass production capacity to 324,000 tons annually and its energy glass processing line capacity to 26.6 million square meters yearly.

Regionally, Europe experienced a 3% increase in the first quarter of 2022, followed by a 1% contraction in the second and third quarters. The fourth quarter remained stagnant. In India, the flat glass sector grew by 9.7% compared to 2021, driven by urbanization projects.

*Financial data converted from Japanese Yen to USD on May 31, 2023.

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