I would like to express my deepest gratitude for your continual support of the Sumitomo Riko Group.
In fiscal 2024, net sales increased year on year due to overall stability of automobile production among our major customers, despite some signs of production cuts as well as the impact of exchange rates. Our business profit also increased year on year, due to our ongoing restructuring as well as advances we’ve made in reducing costs and optimizing selling prices. Consequently, net sales, business profit, and profit attributable to owners of the parent company all reached record highs, as they did in fiscal 2023.
However, uncertainty is expected to increase further in fiscal 2025 due to potential changes in various countries’ trade policies as well as exchange rate and interest rate fluctuations. Although a certain level of production is expected in the auto parts sector, concerns about a slowdown in demand across the market are growing. In this challenging business environment, we will accelerate our efforts to achieve sustainable growth by steadily implementing various measures such as reducing costs and strengthening our earnings base.
We are now operating under our Mid-term Management Plan (2025P), which ends in fiscal 2025. Under the 2025P theme of “Strengthening our business foundation to further improve profitability and achieve sustainable growth”, the entire company is united in our efforts to achieve both financial and non-financial targets. 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 based on our purpose “To realize the comfort of the society by maximizing the potential of materials through MONOZUKURI” and strive to realize our vision of “Green and Pleasant Society Connecting the Nature, City and People”.
I would like to 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
