Nisshin Seifun Group Reports Profit Increase


Shares of Nisshin Seifun Group, a leading Japanese food company, surged after the company announced a significant rise in profit for the first half of the year. This boost was attributed to increased flour prices and a stronger demand for prepared food. As a result, the company has also raised its full-year earnings guidance.

The shares experienced a notable increase of 12% and were trading at 2,092.5 yen. At one point during Monday morning, the shares even reached a 14% surge.

Nisshin Seifun disclosed that its net profit for the six months ending Sept. 30 reached Y18.45 billion ($123.3 million), compared to a net loss of Y37.795 billion in the same period last year. Additionally, the company reported a 9.8% growth in first-half revenue, amounting to Y426.88 billion. This growth can be attributed, in part, to flour and product price increases. Furthermore, the prepared food business witnessed a recovery in demand due to the lifting of pandemic-related restrictions and the return of international travelers to Japan.

Looking ahead to the fiscal year ending March 2024, Nisshin Seifun now anticipates a 6.4% revenue increase to Y850.00 billion, up from its previous projection of Y820.00 billion. The company also expects its net profit to rise to Y30.00 billion, compared to a net loss of Y10.38 billion in the previous fiscal year. This updated projection surpasses their previous estimate of Y26.00 billion.

In conclusion, Nisshin Seifun Group has demonstrated impressive growth in both profit and revenue for the first half of the year. With a positive outlook for the future and an increased full-year earnings guidance, the company is poised for continued success in the industry.

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