FY2024 Presentation Material
- Results for FY2024 & Forecast for FY2025 -
May 28, 2025
Results for FY2024
Earnings Trends (FY2020 to FY2024)
Achieved increase in sales and profit for the FY2024
The second highest profit level following FY2022, with net income exceeding 10 billion yen
Operating income （right scale）
(Millions of yen) (Millions of yen)
104,208
97,266
94,577
96,434
88,084
17,164
15,557
13,435
13,246 14,154
12,401
12,008
10,570
10,492
10,332
8,341
8,838
9,442
7,650
6,050
120,000 24,000
100,000
80,000
18,000
60,000 12,000
40,000
20,000
6,000
0 0
FY2020 FY2021 FY2022 FY2023 FY2024
* The accounting standard for revenue recognition has been applied since FY2021
Overview of Consolidated Financial Results
Business performance increase YoY due to resolution of production problems at the end of June 2024 and growth in Healthcare business
Plans not achieved due to delay in market recovery
(Millions of yen) | FY2023 | FY2024 | Change (YoY) | Change (YoY) | Initial forecast (B) | Achieve ment rate | Change (A)-(B) | ||||||||
to sales | (A) | to sales | |||||||||||||
Net sales | 94,557 | - | 96,434 | ー | 1,877 | 2.0% | 103,000 | 93.6% | (6,566) | ||||||
Operating income | 10,492 | 11.1% | 13,246 | 13.7% | 2,754 | 26.2% | 16,000 | 82.8% | (2,754) | ||||||
Ordinary income | 12,008 | 12.7% | 14,154 | 14.7% | 2,146 | 17.9% | 16,800 | 84.3% | (2,646) | ||||||
Net income | 7,650 | 8.1% | 10,332 | 10.7% | 2,682 | 35.0% | 11,500 | 89.8% | (1,168) | ||||||
Earning per share | ¥60.17 | - | ¥81.54 | - | - | - | - | - | - | ||||||
Overseas sales | 32,327 | 34.2% | 36,184 | 37.5% | 6,203 | 19.2% | - | - | - | ||||||
Assumptions | FY2023 | FY2024 | |
Average exchange rate | Yen / USD | 143 Yen | 152 Yen |
Yen / Euro | 155 Yen | 163 Yen | |
Naphtha price (Yen / KL) | 69,000 Yen | 75,800 Yen | |
(*) 5-for-1 stock split of common stock, effective October 1, 2024.
Earning per share is calculated on the assuming that the stock split was implemented at the beginning of the previous fiscal year.
Segment (Basic Chemicals)
Basic chemicals : Production and sales recovered due to resolution of production problem
Chlor-Alkali : Volume increased except for caustic potash, but was affected by the poor market for caustic soda
Epichlorohydrin : Despite softening overseas market conditions, volume increased due to recovery in demand for epoxy resins
(Millions of yen)
Variance (Operating income, YoY)
Net sales
36,272 37,636
(Billions of yen)
231
2,275
0.2
Sales unit price (1.5)
Feedstock Costs
+1.5
2.2
(0.5)
Production and sales volume
+2.5
Fixed costs
FY2023 FY2024
(1,000)
Net sales (up ¥1.3 billion YoY) | |
Chlor-alkali | +0 |
Epichlorohydrin | +1.3 |
FY2023 FY2024
Segment (Functional Chemicals)
Synthetic rubber: Epichlorohydrin rubber was affected by a decline in automobile production volume, and Acrylic rubber was affected by shipment adjustments due to debottlenecking work
Synthetic resin：Demand for UV ink applications for overseas markets remained strong
Allyl ethers: Market softened despite elimination of shipment adjustments due to production
problem and steady demand for silane coupling agents, especially for paint applications in China
(Millions of yen)
Variance (Operating income, YoY)
Net sales
29,133 29,097
Sales unit price (0.2)
4.5
Fixed cost (0.3)
4.3
Feedstock costs (0.3)
Production and sales volume
+0.6
(Billions of yen)
4,544
4,327
0
FY2023 FY2024
Net sales (up ¥0 billion YoY) | |
Synthetic rubber / Synthetic resin | +0.5 |
Allyl ethers | +0.7 |
etc. | (1.2) |
FY2023 FY2024
Segment (Healthcare)
Chromatography: Demand has been steadily increasing in Europe, the U.S., and Asia for diabetes medications and other applications
APIs and their intermediates: Sales of intermediates for insomnia treatment drugs and APIs for
muscle disease treatment drugs expanded, while sales of APIs for nucleic acid drugs and intermediates for anti-nuclear drugs declined
(Millions of yen)
Net sales
13,684
Sales unit price
+0.3
Feedstock costs
±0
Production and sales
Variance (Operating income, YoY)
(Billions of yen)
7.0
volume
+1.6
Fixed costs (0.6)
11,868
5,715
7,031
5.7
0
FY2023 FY2024
Net sales (up ¥1.8 billion YoY) | |
Chromatography* | +1.9 |
APIs and their Intermediates | (0.1) |
FY2023 FY2024
* Pharmaceutical purification materials(Silica gel), analytical equipment, packed columns
Segment (Trading and Others)
Specialty Polymer Materials: Steady sales of photosensitive resin and other printing-related products, as well as overseas sales
Functional products: Demand recovered mainly for glass fiber, electronic materials, and
automotive products
Affected by the withdrawal of the plant engineering business at FY2022
(Millions of yen)
904
1,217
Net sales
Variance (Operating income, YoY)
(Billions of yen)
Sales volume, etc. (0.3)
1.2
0.9
0
FY2023 FY2024
Net sales (down ¥1.2 billion YoY) | |
Specialty polymer Materials | +0.4 |
Functional products | +0.1 |
Plant Engineering, etc. | (1.7) |
FY2023 FY2024
Balance Sheet, Statement of Cash Flows
Equity ratio rose to 75.1%, maintaining a high level with a strengthened earnings structure
Various capital investments implemented based on a stable financial foundation, in line with the medium-term management plan
Operating cash flow reached a record high, with improvement in cash generation capability
(Millions of yen) Total assets | FY2022 138,029 | FY2023 150,541 | FY2024 153,935 | Change from FY2023 3,394 |
Net assets | 99,543 | 109,765 | 115,596 | 5,831 |
Equity ratio | 72.1% | 72.9% | 75.1% | 2.2% |
Interest-bearing debt | 7,664 | 7,630 | 7,635 | 5 |
(Millions of yen) FY2022 FY2023 FY2024 Change from FY2023 | ||||
Cash flows from operating activities | 9,354 | 8,597 | 17,049 | 8,452 |
Cash flow from investing activities | (5,380) | (4,263) | (8,135) | (3,872) |
Cash flow from financing activities | (4,596) | (3,199) | (4,221) | (1,022) |
Cash and cash equivalents | 36,843 | 38,432 | 43,314 | 4,882 |
Forecast for FY2025
Forecast for FY2025
Plan to achieve record-high profits in FY2025
Expected profit improvement due to resolved production problem and strong performance in the healthcare business
Concerns about the Chinese economy, continued price hikes, and delays in market recovery due to the global economic downturn caused by the U.S. tariffs
(Millions of yen) | FY2024 | FY2025 Forecast | Change (YoY) | |||||||||
To sales （％） | To sales （％） | Amount | Percentage （％） | |||||||||
Net sales | 96,434 | ー | 102,000 | ー | 5,566 | 105.8 | ||||||
Operating income | 13,246 | 13.7 | 17,000 | 16.7 | 3,754 | 128.3 | ||||||
Ordinary income | 14,154 | 14.7 | 18,100 | 17.7 | 3,946 | 127.9 | ||||||
Net income | 10,332 | 10.7 | 12,300 | 12.1 | 1,968 | 119.0 | ||||||
Earning per share | 81.54 Yen | ー | 97.70 Yen | ー | ー | ー | ||||||
Overseas sales | 36,184 | 37.5 | 37,700 | 37.0 | 1,516 | 104.2 | ||||||
Assumptions | FY2024 | FY2025 | ||||||||||
Average exchange rate | Yen / USD | 152 Yen | 145 Yen | |||||||||
Yen / Euro | 163 Yen | 155 Yen | ||||||||||
Naphtha price (Yen / KL) | 75,800 Yen | 69,000 Yen | ||||||||||
FY2025 Forecast by Segment
Basic chemicals : Expect market conditions to remain unchanged despite the elimination of production problem and increase in sales volume
Functional chemicals : Delayed recovery in the market for allyl ethers; slight recovery in
automobile production expected
Healthcare : Effect of increased production of silica gel expected from the 2H forward
(Millions of yen) | FY2024 | FY2025 Forecast | Change (YoY) | ||||||||||||||||||
1H | 2H | Full Year | 1H | 2H | Full Year | 1H | 2H | Full Year | |||||||||||||
Net sales | Basic Chemicals | 18,403 | 19,233 | 37,636 | 19,700 | 19,800 | 39,500 | 1,297 | 567 | 1,864 | |||||||||||
Functional Chemicals | 15,963 | 13,134 | 29,097 | 14,500 | 15,200 | 29,700 | (1,463) | 2,066 | 603 | ||||||||||||
Healthcare | 6,172 | 7,512 | 13,684 | 6,300 | 8,300 | 14,600 | 128 | 788 | 916 | ||||||||||||
Trading and Others | 9,627 | 6,388 | 16,015 | 9,700 | 8,500 | 18,200 | 73 | 2,112 | 2,185 | ||||||||||||
Total | 50,167 | 46,267 | 96,434 | 50,200 | 51,800 | 102,000 | 33 | 5,533 | 5,566 | ||||||||||||
Operating income | Basic Chemicals | 1,047 | 1,228 | 2,275 | 2,200 | 2,100 | 4,300 | 1,153 | 872 | 2,025 | |||||||||||
Functional Chemicals | 2,560 | 1,767 | 4,327 | 2,300 | 2,800 | 5,100 | (260) | 1,033 | 773 | ||||||||||||
Healthcare | 3,424 | 3,607 | 7,031 | 3,600 | 4,200 | 7,800 | 176 | 593 | 769 | ||||||||||||
Trading and Others | 570 | 334 | 904 | 600 | 600 | 1,200 | 30 | 266 | 296 | ||||||||||||
Company-wide, eliminations | (635) | (658) | (1,293) | (700) | (700) | (1,400) | (65) | (42) | (107) | ||||||||||||
Total | 6,967 | 6,278 | 13,246 | 8,000 | 9,000 | 17,000 | 1,033 | 2,722 | 3,754 | ||||||||||||
Segment (Basic Chemicals)
Chlor-Alkali :Continue safe and stable operations and strengthen regionally-based sales
Epichlorohydrin : Strengthen sales in Japan and overseas to expand market share
(Millions of yen)
Net sales
2,275
4,300
37,636 39,500
Variance (Operating income, YoY)
(Billions of yen)
Fixed costs
±0
2.2
Sales unit price
Feedstock Costs
+0.7
(0.9)
4.3
Production and sales volume
+2.2
(1,000)
FY2024 FY2025
Forecast
Net sales (up ¥1.8 billion YoY) | |
Chlor-alkali | +0.4 |
Epichlorohydrin | +1.4 |
FY2024 FY2025
Forecast
Segment (Functional Chemicals)
Synthetic rubber: Expect moderate recovery in automobile production volume; utilize acrylic rubber facility capacity to attract new customers domestically and internationally
Synthetic resin: Strive to grow market share for UV offset inks through sales expansion in Europe,
U.S., and Asian markets
Allyl ethers: Strengthen sales in the Chinese market and aim for further market share gains
(Millions of yen)
Net sales
Sales unit price (0.6)
Feedstock costs
+0.5
Production and sales volume
Variance (Operating income, YoY)
(Billions of yen)
+1.5
Fixed cost (0.6)
5,100
4,327
4.3
5.1
0
FY2024 FY2025
Forecast
Net sales (up ¥0.6 billion YoY) | |
Synthetic rubber / Synthetic resin | +1.2 |
Allyl ethers | +0.1 |
etc. | (0.7) |
FY2024 FY2025
Forecast
Segment (Healthcare)
Chromatography: Demand expansion for diabetes and obesity medications continues to grow
Matsuyama plant will start commercial production in July 2025 ahead of schedule
Amagasaki Plant expansion construction to be completed in September 2025, 1 year shifted forward from initial plan
Factor in the contribution to earnings from increased production in the 2H and beyond
APIs and their intermediates: Strengthen production and quality control systems to win new projects
(Millions of yen)
7,800
7,031
Net sales
Variance (Operating income, YoY)
7.8
Fixed costs (0.8)
Production and sales volume
+1.7
Sales unit price (0.1)
7.0
(Billions of yen)
0
FY2024 FY2025
Forecast
Net sales (up ¥0.9 billion YoY) | ||
Chromatography* | +0.8 | |
APIs and their Intermediates | +0.1 | |
FY2024 FY2025
Forecast
* Pharmaceutical purification materials(Silica gel), analytical equipment, packed columns
Segment (Trading and Others)
Basic chemicals products : Plan to drive sales growth through product lineup expansion
Functional products : Expect steady demand for glass fiber and other products, especially in the electronics materials sector
Consumer products: Factor in increased sales of planned products and semi-solid-state batteries
(Millions of yen)
Variance (Operating income, YoY)
Net sales
16,015
904
1,200
18,200
(Billions of yen)
Sales volume, etc.
+0.3
FY2024 FY2025
Net sales (up ¥2.1 billion YoY) | |
Basic chemicals products | +0.5 |
Functional products | +0.6 |
Consumer products, etc. | +1.0 |
Forecast
0
1.2
0.9
FY2024 FY2025
Forecast
Shareholder Returns
Aim to a total payout ratio of 40% during the medium-term management plan (2023-2025)
In FY2024 : Annual dividend ¥19, share buyback ¥1.8 billion (total payout ratio: 40.7%)
In FY2025, plan to increase dividend by ¥1 to an annual dividend of ¥20
Introduced progressive dividends starting in FY2026 to enhance shareholder returns
(Yen)
25
20
15 13 13 13
10 46.2
18 18
16
43.0
increased dividend
20
19
100
90
80
70
60
50
40
5 23.7
0
41.6
19.8
40.4 40.7 30
20
10
0
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Share buyback (Billion Yen) | 1.6 | ー | 1.0 | ー | 2.2 | 0.8 | 1.8 |
(Plan)
Progress on Silica Gel capacity expansion
Growth Potential of Obesity Medications Market
Global demand for obesity medications projected to reach 150 billion dollars by 2035
CAGR through 2035 projected to exceed 26%, based on internal and external demand forecasts
The United States leads by region, driven by high obesity rates and treatment awareness
2024 2030 2035
（Times）
Demand for 2035
Approx. 150 billion dollars
Demand for 2030
Approx. 100 billion dollars
Approx. 15
billion dollars
CAGR 26～34％
United States
Europe China/India Others
10
9
8
7
6
5
4
3
2
1
0
Obesity Medications Market Growth (by Region)
2024 2030 2035
Development Trends in Obesity Medications
Currently, injectable GLP-1 receptor agonists composed of medium-sized molecules with strong weight loss effects are the mainstream treatment
Injectable GLP-1 therapies are leading development efforts in emerging markets
Oral small-molecule GLP-1 agonists present challenges in administration and efficacy
Obesity Medications
Controls fat absorption in the intestine
Controls appetite through hormonal regulation
(Medium-Sized Molecule / Injectable Drug)
(Small Molecule / Oral Drug)
Weight loss efficacy is approximately 5%
There are restrictions on the method of administration
※Dashed Line Box = Under Development
Rapid and significant weight loss effect (20%)
Appetite SuppressantControls appetite by targeting the brain's satiety center
Western pioneer companies are leading the market
Emerging market manufacturers are accelerating their development efforts
（Medium-Sized Molecule / Oral Drug）
Weight loss efficacy varies among individuals
European pioneer companies are leading the market
Silica Gel Expansion Plans and Demand Trends
Commercial production at Matsuyama plant will start 6 months ahead of schedule
Amagasaki 2nd phase expansion to be completed in September 2025, aiming to improve productivity through process improvements
Decision for the next expansion plan will be shifted forward to 2025
Responding to a strong demand environment
(Capacity : times)
Manufacturing capacity Capacity expansion
5 Operation response Demand（10% per annum）
Shifted forward
Matsuyama Plant ：Start of commercial production
Initial plan: Early 2026
6 months shifted forward to
Amagasaki
2nd phase expansion
4
Matsuyama
new manufacturing facility
3
Amagasaki
1st phase expansion
by 1 year
Changes in
dem
and
July 2025
Amagasaki Plant ： Productivity Improvement
Initial plan: Autumn 2026
1 year shifted forward to September 2025
2 Pharmaceutical companies expand
capacity
Late entrants accelerate following patent
1 expiration
Concerned about our lack of production capacity
0
2022 2023 2024 2025 2026 2027 2028 2029 2030
(Fiscal Year)
Decision planned for the next expansion plan
20
Toward Enhancing Corporate Brand Recognition
With the aim of enhancing corporate brand recognition, TV and online advertisements were aired in Western Japan during the Golden Week holiday period.
TV, online, and taxi ads planned for October 2025 to mark the 110th anniversary
As part of our human capital strategy, we aim to strengthen talent acquisition and raise awareness of our company as A Key Player in Chemistry
Corporate Commercial "A Key Player in Chemistry"
21
The commercial video is available on our website and YouTube channel.
110th Anniversary Logo
Our Website YouTube Channel
Contact : Osaka Soda Co., LTD.
Public Relations Group, Corporate Planning Department TEL : 06-6110-1560
This document is not prepared for the purpose of soliciting investment in securities issued by us.
All information contained in this document represents our views as of the time of preparation of this document.
Please note that we do not guarantee or promise accuracy and completeness.