Nippon Paint Full-Year Report 2023
During the fiscal year ended December 31, 2023, Nippon Paint Group saw a 10.2% rise in consolidated revenue from the previous year to ¥1,442,574 million. This increase primarily resulted from the normalization of economic activities in the decorative paints business in China, a principal area of business for Nippon Paint Group, subsequent to the lifting of lockdowns and pandemic- related limitations. Additionally, consolidated operating profit surged by 50.8% to ¥168,745 million. This increase was mainly due to the enhanced gross profit margin, propelled by the positive effects of the flow-through of price increases and the absence of credit loss provision in China, which was recorded in the previous year. Consolidated profit before tax saw a 54.6% increase to ¥161,500 million. Furthermore, profit attributable to owners of parent surged by 49.2% to ¥118,476 million.
Japan
Revenue for automotive coatings increased from the previous year, mainly attributed to the continued recovery in automobile production. Revenue for industrial coatings remained steady despite the flow-through of price increases, owing to softer market conditions compared to a year ago. Revenue for decorative paints increased from the previous year due to the flow-through of price increases. This growth occurred despite the impact of consumer spending restraint and the sift in demand to economy products in reaction to inflation.
Consequently, there was an 8.3% increase in consolidated revenue from the previous year to ¥201,493 million, while consolidated operating profit increased by 261.9% to ¥19,165 million.