March 28, 2023
OSG held its Annual General Meeting of Shareholders on February 16 (=photo).
The company’s consolidated net sales for the fiscal year ended November 2022 increased 13.0% year-on-year to a record 142,525 million yen. Both sales and profits increased, with operating income up 36.0% to 21,898 million yen and net income up 50.5% to 16,534 million yen, as the company steadily recovered from the COVID-19 pandemic.
Although sales to the automotive industry were sluggish, sales of taps, the company’s main product, were strong in a wide range of industries. Overseas sales were particularly strong, reaching record levels in North America, Europe/Africa and Asia. The ratio of overseas sales to total sales increased 3.1 points from the previous year to 64.9%. Norio Ishikawa, Chairman and CEO, said in his opening remarks, “We will continue to invest aggressively in Southeast Asia, India and other regions.
OSG has initiated a three-year medium-term management plan starting from the fiscal year ending November 2022, with the goal of achieving operating income of 30 billion yen in the final year of the plan, the fiscal year ending November 2024. To achieve this goal, the company will invest approximately 12.5 billion yen in facilities in the fiscal year ending November 2023. It will also strengthen its supply system by renovating the Oike Plant, which produces cemented carbide end mills, and by constructing a new plant at a subsidiary. The company will also focus on expanding sales of microprecision machining tools.