Sumitomo Chemical registers better performance for FY2021
Chemical

Sumitomo Chemical registers better performance for FY2021

Sumitomo Chemical Group’s sales revenue for the period increased by ¥478.3 billion

  • By ICN Bureau | May 14, 2022

With the rapid spread of the Omicron variant of COVID-19 since the end of last year, the surge in prices of natural resources and the supply chain disruptions stemming from Russia’s invasion of Ukraine, and the sudden rise in inflation, mainly in the U.S., the growth momentum of the world economy during the period leveled off, but the recovery continued. In Japan, too, while there was growing concern about an economic downturn, the economy moderately recovered, and annual real GDP turned positive compared to the prior year.

Against this backdrop, the Sumitomo Chemical Group has been implementing its Corporate Business Plan (for fiscal 2019 - fiscal 2021), centered on the basic policies of accelerating the development of next-generation businesses, improving productivity through digital innovation, raising the sophistication of the company’s business portfolio, and building a more robust financial structure. The Group has come together in working to create a sustainable society and to deliver sustainable growth through dramatic growth in productivity and acceleration of innovation.

As a result, the Sumitomo Chemical Group’s sales revenue for the period increased by ¥478.3 billion compared to the prior year, to ¥2,765.3 billion. In terms of profits and losses, core operating income was ¥234.8 billion, operating income was ¥215.0 billion, and net income attributable to owners of the parent was ¥162.1 billion, all higher than the results from the previous year.

As of the end of the consolidated 2021 fiscal year, total assets increased by ¥317.9 billion compared to the previous year, to ¥4,308.2 billion. Inventories and trade and other receivables increased. Total liabilities increased by ¥98.0 billion compared to the end of the previous year, to ¥2,606.2 billion.

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