Japanese industrial gases company Nippon Sanso Holdings Corporation (NSHD), formerly known as TNSC, has reported consolidated financial results for the first three quarters of fiscal year ending (FYE) March 31st, 2022 (based on IFRS).

The first three quarters (1st 3Q) of FYE2022 saw the company’s revenue (stated in billions YEN) stand at 691.5 ($6bn) a 16.8% YoY (year-on-year) change on FYE2021’s figure of 592.2 ($5.1bn). 

Core operating income was reported at 76.3 ($664m), a 26.2% YoY change on FYE2021’s figure of 60.5 ($526.5m). 

Business performance by segment for FYE2022 

Japan revenue was 266.7 ($2.3bn) compared to 244.6 ($2.1bn) in FYE2021, an increase of 22.1 ($192m) or 9%. This could be due to an increase in selling prices linked to purchase prices for bulk (LP gas), in addition to specialty gases seeing increased shipment volume electronics market. 

The US business revenue was 164.2 ($1.4bn) compared to 139.3 ($1.2bn) in FYE2021, an increase of 24.9 ($216.6m) or 17.8%. This increase was caused by a strong demand for bulk & packaged gases in manufacturing markets, as well as higher net customer demand for on-site gases and a recovered demand in equipment and installation for welding and cutting related fields. 

Europe revenue was 149.2 ($1.3bn) compared to 115.9 ($1bn) in FYE2021, an increase of 33.3 ($290m) or 28.7%. Bulk & packaged again saw heightened demand in manufacturing markets and on-site gases net customer demand was up from the prior year. 

Asia & Oceania revenue was 90.7 ($789m) compared to 74.4 ($647m) in FYE2021, an increase of 16.3 ($141m) or 21.9%. A recovery in demand saw bulk gases increase by 25.7% YoY, whereas a favourable shipment volume for the electronics market saw specialty gases increase by 18.6%. Industrial gas-related equipment and installation jumped YoY by 21.1% due to increased revenue in Singapore and Australia. 

The Thermos business revenue was 20.3 ($176.6m) compared to 17.6 ($153m) in FYE2021, an increase of 2.7 ($23.6m) or 15.5%. A recovery of revenue in vacuum insulated mugs and sports bottles saw a YoY increase of 6.1% and continued demand for stay-at-home products resulted in a steady revenue for frying pans and tumblers. Revenue continued to recover for the overseas market, with profit at equity method affiliates increasing. 

Overview of forecasts for the year 

NSHD has forecasted full-year 2022 revenues of 932 ($8.1bn), a YoY increase of 113.8 ($990.5m) or 13.9%. Core operating income is forecasted to increase from 87.2 ($759m) in FYE2021 to 101 ($879m), representing a YoY difference of 13.8 ($120m) or 15.8%. 

Business expansion initiatives 

The company has continued to expand its medical operations following the announcement of a majority acquisition by Nippon Gases Italia of high-tech medical device developer Noxtec Development.