The financial results of the Suzuki group in the second quarter of financial year 2022 are all under the plus sign. Net sales and net profit increased sharply on an annual basis thanks in particular to the improvement of the sales mix/price, all increase in volumes and the impact of exchange rates.
Net revenues for the April-September period increased by 543.9 billion yen (3.9 billion euros, +32.5%) year on year to 2,217.5 billion yen (16.1 billion euros) . Operating income jumped 65.8% or an increase of 65.2 billion yen to 164.3 billion yen (1.2 billion euros) while profit attributable to owners of the parent increased by 14, 6 billion yen (14.5%) reaching 115.1 billion yen (834.1 million euros).
The results were driven by the performance of the Automobile Division which recorded net sales increased by 287.2 billion yen (2.1 billion euros, +38.8%) to 1,027.1 billion yen while the result operating nearly doubled to +98.9% and +35.7 billion yen to 71.7 billion yen. Motorcycles also did well with revenues up 45.8% to 89.6 billion yen (649.3 million euros), while the Outboard Division saw net revenues increase by 10.6 billion yen (76.8 million euros, +44.1%) at 34.5 billion yen.
In geographical breakdown, Suzuki points out that in Japan, Asia and other regions both net sales and operating profit grew, mainly thanks to the increase in volumes and the improvement in the sales mix/price. In Europe, on the other hand, operating profit decreased due to the impact of higher raw material prices and lower volumes due to product supply shortages.
The Japanese group underlines how the “perception that the risk of a global recession is increasing” persists: and yet it has revised upwards the forecasts which now for the entire fiscal year 2022-23 are of a net turnover of 4,500 billion yen (32 6 billion euros), up 26.1%, an increase of 600 billion yen (4.3 billion euros) compared to the previous forecast. The guidance for operating income has also been significantly revised upwards to 290 billion yen (2.1 billion euros), an increase of 95 billion yen compared to the previous forecast. Profit attributable to owners of the parent was increased to 190 billion yen (1.4 billion euros).
In light of the results already achieved, Suzuki has decided on an interim dividend of 50 yen (0.36 euro) per share, an increase of 5 yen (0.04 euro) on an annual basis.