NSG Group saw a dip in revenue in Fiscal Year 2020, largely due to the COVID-19 pandemic. According to the NSG Group Integrated Report 2020, the company’s 2020 revenue was nearly $5.4 billion*, down from approximately $5.9 billion in 2019.

The company’s trading profit was $222 million in 2020, compared to nearly $374.5 million in 2019. The profit before taxation was a $130.7 million loss in 2020. The last time the company saw a loss in this category was in 2016. Last year’s profit before taxation amount was approximately $219.2 million.

The architectural glass segment’s FY2020 revenue was nearly $2.3 billion, down slightly from FY2019’s revenue of approximately $2.4 billion. The segment’s FY2020 operating profit was $167.2 million, down from $248.9 million in FY2019.

“The group’s performance was exacerbated further by the COVID-19 pandemic since January 2020. In the architectural glass business, in addition to the foreign exchange impact, the deteriorating market environment in Europe, the Americas and Asia, together with the impact of COVID-19, lead to a significant drop in sales and trading profit toward the end of the year,” says NSG Group president and CEO Shigeki Mori. “On the other hand, the demand for solar glass remained robust and we started operation of the second production line for solar glass in Vietnam in February. In the technical glass business, some business areas suffered lower sales and trading profit than the previous year due to the challenging market situation. Also, the spread of COVID-19 affected the overall business negatively. However, stability was restored to a certain extent and the fine glass division achieved steady improvement toward the end of the year.”

Editor’s Note: The financials were converted from Japanese yen to U.S. dollars on December 15, 2020.