I hope all our shareholders are staying well and would like to express my deepest gratitude for your continual support of the Sumitomo Riko Group.
In fiscal 2023, net sales increased year on year due to the normalization of economic activity, a recovery in automobile production at our major customers, and the falling yen’s impact on exchange rates.
Our business profits also rose year on year. This was due to an increase in sales driven by the automobile production recovery, the impact of our enhanced productivity necessitated by that sales increase, and progressively reflecting increased costs in our prices. Consequently, our net sales, business profits, and profits attributable to our parent company’s owners for the full fiscal year hit record highs.
In the current fiscal year, the future remains unclear due to the protracted Ukraine situation, geopolitical risks in the Middle East, continually high inflation, and economic slowdown in various countries. To address this, we will strive to continue strengthening profitability by flexibly responding to the external environment and ensuring we have stable profits.
Going forward, we will continue to operate based on our Mid-term Management Plan (2025P), which runs to fiscal 2025, meaning that we are now at its halfway point. While keeping faithful to the Sumitomo Spirit of "Banji-nissei *1 ", "Shinyo-kakujitsu*2", and "Fusu-furi*3", we will continue to contribute to society in line with our purpose “To realize the comfort of the society by maximizing the potential of materials through MONOZUKURI” and strive to become a “Global Excellent Manufacturing Company”.
I kindly ask all shareholders to continue their support and understanding of Sumitomo Riko Group's corporate activities into the future.
Kazushi Shimizu
Representative Director and President & CEO
