Japan’s Nippon Suisan Kaisha (Nissui) is on track to report a record profit in its financial year ending March 31, 2018, with the firm’s Chile salmon operations driving a strong first half performance.
The company, which counts Salmones Antartica in Chile among its expansive portfolio of international operations, is on track to report operating profit of JPY 24 billion ($212.16 million) and turnover of JPY 656bn ($5.79bn) for the full year, it said. Nissui’s net profit forecast for the year is JPY 20bn.
Nissui — which owns the likes of Gorton’s, UniSea, King & Prince Seafood in the US as well as Cite Marine, Nordic Seafood, JP Klausen and Caistor Seafoods in Europe — reported operating profit of JPY 13bn, up 33% year-on-year for the first half of the year. Also, Nissui reported sales of JPY 333bn, up 10% y-o-y.
The company’s first half net profit attributable to its owners was JPY 9.2bn, up 100% y-o-y.
As can be seen below, the company’s marine products division — which includes the salmon farms — was the main profit driver for the first half.
“Operating profit and profit attributable to owners of parent broke the previous records thanks to the significant recovery of the salmon/trout farming business, which suffered losses in the previous year, and to the sales of securities,” the company said.
“Despite uncertainties such as the market prices of marine products, record profits are also expected for the full year,” said Nissui.