As the import price of LP gas stayed at a low level in addition to the weak market of the secondary cell materials causing drop in sales, the sales decreased by 6.4%. In terms of profit, the LPG market factor brought a positive effect of plus ¥0.7 billion and the profitability was improved in the industrial gas segment bringing the increase in the operating income by 26.5%. Furthermore, as Cosmo Energy Holdings (COSMO HG) was made an equity method subsidiary, a negative goodwill amounting to 9.3 billion yen took place causing an increase in equity method investment gain. It follows that the ordinary profit increased by 40.8% and the profit for the term attributable to the owner of the parent company increased by 47.9%. It has renewed the record-high profit for 9 consecutive fiscal terms.

Regarding the dividend, the end-term dividend is raised by 35 yen to make 130 yen. The dividend for 2024 is kept at 130 yen until the decision to be made after the ultimate profit of COSMO HD is confirmed,

In terms of segmental trend, the sales of industrial gas and equipment increased by 9.1% with the operating income up 31.1%. The air separation gas and hydrogen business decreased as the demand for electronics parts stayed sluggish. The helium and carbon dioxide business remained active with a stable supply.

Comparing with the weak tone of demand as a whole during the previous term despite the price pass-through to cover the cost-hike matter, president Majima commented, “In this term we wish to accomplish a quantitative recovery by means of getting more new business chances so as to get prepared against a decline in the market.”

As the integrated energy business decreased by 8.6% due to the aforementioned decline of the import price of LPG, the sales decreased by 9.2% but the operating income increased by 41.1%. In the material business the business of secondary battery materials stayed sluggish and the domestic sales of mineral sand decreased by 18.2% with the operating income down 2.4%.

Regarding the Hydrogen Society Promotion Law which was enacted on May 17, president Majima said, “It is an enaction of the law in which the public supports to play the important role are associated to forecast a stage for the initial commercialization. In order to get the supports it is necessary for us to make out a scheme with the participation of consumer as well as ourselves at the supply side. We are going to make preparation.”

Regarding the forecast of the fiscal 2024 term, sales of industrial gases and equipment will increase by 4.9% amounting to 275 billion yen with an operating income up 1.4% amounting to 22 billion yen. As a whole, the sales of the company will be forecasted to increase by 6.4% amounting to 902 billion yen with an ordinary income up 4.1% amounting to 52.7 billion and a net profit for the term attributable to the owners of parent company up 14% amounting to 54 billion yen.