Nippo produced record earnings in FY24, with OP of ¥1,970mil (+2.7% YoY) on sales of ¥44,890mil (+7.1% YoY). Thanks primarily to solid growth in order for print circuit boards [PCBs] used in generative AI servers and wafer polishing jigs manufactured in Nippo’s Okinawa factory, sales landed above the firm’s guidance of ¥42,000mil. FY25 is the final year of Nippo’s medium-term plan [MTP] which calls for an OP target of ¥2,000mil. Nippo is aiming to enjoy another year of record earnings and guides for FY25 OP of ¥2,000mil (+1.5% YoY) on sales of ¥45,500mil (1.4% YoY). Based on Nippo’s shareholder returns policy which states that the firm aims to pay out about 50%, the firm plans to pay ¥78/share (pay-out ratio of 50.3%).
