Daikin sees sales rise 28%9th May 2023
JAPAN: Daikin has reported net sales of JPY3,981,578m ($29,487m) in the year to March 31, an increase of 28.1% on last year.
Operating profit was JPY377,032m ($2,791m), up 19.2% year-on-year and net income was up 18.4% to JPY257,754m (£1,908m).
Sales from its air conditioning and chiller business, which accounts for just over 90% of the company’s business, increased 28.3%.
Despite the increases, world markets were affected by a number of factors including continuing lockdowns in China affecting supplies, the war in Ukraine and rising energy prices. This was particularly the case in Europe, although sales in the region as a whole greatly exceeded last year, mainly due to increasing heat pump sales.
Elsewhere, residential air conditioning sales in the Americas were described as “sluggish”, while most countries in Asia/Oceania saw sales declines in the second half of the year. That was apart from India which maintained strong sales on the back of economic growth.
In the Middle East and Africa, sales increased significantly from last year, driven by stronger sales in the UAE, Saudi Arabia, and Egypt. Local production helped expand commercial air conditioning sales in Turkey, although there was a temporary slowdown in economic activity following the earthquake.