Nippon Suisan Kaisha announced positive financial results for fiscal year 2021, as it plans to formally change its name to Nissui Corporation.
Nippon Suisan Kaisha owns and operates seafood brands including Gorton's, UniSea, King and Prince, F.W. Bryce, Nordic Seafood, Sealord, Mrs. Fridays, Nigico, TNFC, YTC, Delmar, TaiMei, Emdepes, and Five Star, and others.
On 12 May, the company formally announced plans to amend its articles of incorporation at its annual shareholder meeting on 28 June, 2022 to change its trade name from Nippon Suisan Kaisha to Nissui to reflect its transformation from a fishing company to a food-processing company.
The Tokyo-based firm's 2021 net sales were up 12.8 percent at USD 5.4 billion (EUR 5.1 billion), and its operating profit was USD 209.2 million (EUR 198.5 million), a 50.4 percent increase. The company's ordinary profit reached USD 250.2 million (EUR 237.3 million), up 42.8 percent, and its profit attributable to owners was USD 133.5 million (EUR 127.6 million), a rise of 20 percent.
In its Marine Products segment, year-on-year sales rose by 15.2 percent and its profit more than doubled, with a 116 percent increase. In its Food Products segment, year-on-year sales rose by 9.1 percent and its profit rose 9.9 percent. In its Japanese processed foods business, sales increased, but profits decreased due to a weakening yen and rising costs for materials such as surimi. Sales of bento boxed lunches and rice balls for convenience store grew and labor costs declined, the company said.
For 2022, Nissui said it expected its annual dividend will increase from JPY 14 (USD 0.11, EUR 0.10) in 2021 to JPY 16 (USD 0.13, EUR 0.12) and that its operating profit will fall by 16.9 percent.
Photo courtesy of Nissui
