NSG Group reports that its architectural glass sector saw increased revenues thanks to strong demand during the first quarter (Q1) for the three-month period that ended June 30, 2023 (Q1 FY2024/3). The Japan-based company states that its architectural glass sector grew by 10.1% to $667 million* in FY2024/3 from $596 million* in FY2023/3.

Overall, NSG reports that its consolidated revenue increased by 30% over the same period in 2022, from $1.2 billion* in FY2023/3 to $1.4 billion* in FY2024/3. The group’s operating profit increased by 6.3%, net profit increased by 4.6% and earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 7.3% from FY2023/3 to FY2024/3.

NSG’s architectural glass sector was buoyed by strong demand in the Americas and Asia. Revenues and operating profits decreased in Europe, reflecting an economic slowdown; however, demand for new construction and renovation projects is expected to increase in the medium to long term.

Revenues and profits increased in the Americas compared to this time last year due to a firm market environment. Demand for architectural glass products continues to increase in South America, as does the demand for solar energy glass.

In Asia, revenues and profits in FY2024/3 fared better than in FY2023/3 due to the improved demand and supply situation as a result of governmental subsidy programs for insulating glass.

Despite recession concerns lingering in the U.S. and Europe, NSG forecasts favorable demand and supply for its architectural glass sector. The Group is also considering a possible expansion in the U.S.

*Converted from JPY to USD on Aug. 9, 2023.

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