Nissin Foods: announces FY-2023 financial results

Tokyo / JP. (nfh) Nissin Foods Holdings Company Limited announced its summary of unaudited financial results for the twelve months that ended March 31, 2024 (FY-2023).

In the current consolidated fiscal year, the global economy has been underpinned by robust personal consumption in the United States, among other factors, yet the outlook has become increasingly uncertain due to heightened geopolitical risks and advancing inflation. In Japan, with the reclassification of Covid-19 to category 5 which is a lower category of infectious diseases, economic activities are normalizing, and domestic demand is recovering, leading to a gradual improvement in the economic climate. On the other hand, the situation remains unpredictable due to risks such as soaring prices of raw materials and energy, as well as fluctuations in foreign exchange rates and shifts in monetary policy.

In such an environment, within the instant noodles industry, there has been a backlash from the increased demand during the Covid-19 pandemic, leading to a decrease in consumption compared to the previous year in some countries, including China. However, the global demand has maintained a robust level, more than 10 percent higher when compared to the pre-pandemic year of 2019. Under these circumstances, the Group is working to achieve the Group’s vision and sustainable growth as themes of growth strategy: «Strengthen Cash Generation Capabilities of Existing Businesses», «Earth Food Challenge 2030» and «Pursue New Businesses», all based on the Company’s «Mid- to Long-Term Growth Strategy 2030.»

Nissin Foods uses the reportable segments «Nissin Food Products», «Myojo Foods», «Chilled and frozen foods and beverages», «Confectionery», «The Americas» and «China» to provide a better overview. Despite numerous business relationships, particularly in the English-speaking world, European business plays only a minor role for the Japanese Group – to find in the sub-segment «Others». The sub-segment «Others» consists of businesses not included in reportable segments such as domestic other business, Europe, Asia and New businesses. For additional information please read the Company’s PDF file below (237 KB):