NSG Group released its financial results from April 1, 2022, to March 31, 2023. The data shows consolidated revenue and operating income increases throughout 2022 and into 2023, particularly in the architectural sector. NSG’s full-fiscal year 2022-23 consolidated revenue was $6.9 billion*, compared to $5.4 billion* during the same period of 2021-22. Its full-fiscal year 2023 consolidated operating profit was $318 million*, compared to $182 million* in 2021-22.

According to NSG, its architectural segment reported $3.3 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.

NSG officials point to price increases as the reason for the jump in cumulative revenue, profit and quarter four (Q4) revenue. However, the segment’s operating cost 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 soften high input costs. In Asia, sales prices increased further in Japan due to a favorable demand-supply situation. NSG 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 predicts 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.

*Financial data converted from Japanese Yen to USD