Sumitomo Chemical Co ( (SOMMF) ) has released its Q4 earnings. Here is a breakdown of the information Sumitomo Chemical Co presented to its investors.
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Sumitomo Chemical Co., Ltd., a prominent player in the chemical industry, is listed on the Tokyo Stock Exchange and engages in the production and sale of a wide range of chemical products, including petrochemicals, energy, and functional materials. The company is known for its diversified portfolio and global reach.
In its latest earnings report for the fiscal year 2024, Sumitomo Chemical Co. reported a significant improvement in its financial performance compared to the previous year. The company achieved a sales revenue of ¥2,606.3 billion, marking an increase of ¥159.4 billion from FY 2023. This growth was driven by strong progress in business performance and structural reforms.
Key financial metrics revealed a substantial turnaround, with core operating income reaching ¥140.5 billion and operating income at ¥193.0 billion. The company’s net income attributable to owners of the parent was ¥38.6 billion, a notable recovery from the previous year’s losses. The improvement was attributed to debt forgiveness and increased sales across various segments, including Agro & Life Solutions and ICT & Mobility Solutions.
Despite the positive results, Sumitomo Chemical’s total assets decreased by ¥495.0 billion to ¥3,439.8 billion, while total liabilities also saw a reduction. The company generated positive free cash flow of ¥318.3 billion, a significant improvement from the negative cash flow in the previous year.
Looking ahead, Sumitomo Chemical forecasts a slight decline in sales revenue for FY 2025 to ¥2,340.0 billion, with core operating income projected at ¥150.0 billion. The company remains focused on maintaining stable dividend payments and enhancing profitability through strategic investments and business expansion.
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