Nitto Seimo raises full-year earnings forecast significantly

Nitto Seimo has revised its full-year consolidated earnings forecast, initially published on June 13, 2024. The company now anticipates sales of JPY 21.6 billion, up from the previous forecast of JPY 21 billion. Operating profit is projected to reach JPY 680 million, a significant increase from the initial JPY 500 million. Similarly, recurring profit is now estimated at JPY 828 million, compared to the earlier JPY 550 million. Net profit attributable to the parent company is expected to be JPY 534 million, a notable rise from JPY 350 million. The earnings per share forecast has also been adjusted upwards to JPY 206.21 from JPY 134.96. The revision is attributed to robust sales in the fisheries-related business, particularly in fixed net and surrounding net divisions, as well as strong performance in the industrial material division, including animal damage prevention nets. Improved profitability in the land-based business and favorable fish catches by fisheries subsidiaries also contributed to the enhanced outlook. In addition, the recognition of subsidies related to capital investments as non-operating income further boosted the recurring profit forecast.