NSG Group’s division breakdown from April 2023 to March 2024. Sales in NSG’s architectural glass business increased slightly in FY2024, driven by increased demand for solar energy glass and favorable markets in Japan and South America. Photo: NSG.

NSG Group unveiled updated financial data from April 2023 to March 2024, showing increases in revenue and operating profit year over year. President and CEO Munehiro Hosonuma explains that these increases came despite higher raw material and labor costs, global inflation and economic slowdowns in Europe and the U.S.

Hosonuma adds that NSG sought to mitigate economic impacts via reduced costs, expanded product ranges and increased selling prices. The steps resulted in the “significant improvement of the OE business from the previous year,” he says.

NSG’s fiscal year (FY) 2024 data shows that it recorded a revenue of $5.3 billion*, an increase of 9% year-on-year (FY2023: $4.8 billion*) and an operating profit of $230 million*, an increase of 3% year-on-year (FY2023: $222.9 million*). Also, NSG recorded a profit before taxation of $112.7 million* (FY2023: loss of $140.3 million*) and a profit of $69 million* (FY2023: loss of $198 million*).

Hosonuma says sales in NSG’s architectural glass business increased slightly in FY2024, driven by increased demand for solar energy glass and favorable markets in Japan and South America. NSG’s new plant in Malaysia, which started operations in December 2023, is expected to contribute to business improvements. However, officials say operating incomes declined for the full year due to economic slowdowns in Europe and other regions during the second half of FY2024. NSG’s architectural glass sector accounts for 45% of its overall business.

Additionally, NSG officials say the company has decided not to declare dividends on common shares for FY2024.

“The group recognizes the importance of dividends to its shareholders and will concentrate its efforts to improve profitability and shore up its financial base with a view to the resumption of dividend payment as early as possible,” says Hosonuma.

*Converted from JPY Yen to USD on June 6, 2024.

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