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Tokai Carbon annances net sales up 33.1% as of Sept. 30, 2022

2022-12-01

Dec. 1, 2022 - During the first nine months of 2022 (from January 1, 2022 to September 30, 2022) the global economy simultaneously experienced a significant slowdown in the pace of economic recovery and an increase in inflation, contrary to expectations at the beginning of the year. Although lockdowns occurred in major Chinese cities, the balance between anti-infection measures and economic activities progressed in countries around the world. However, generally speaking, the supply chain disruption triggered by Russia’s invasion of Ukraine, the advance of global inflation and the resulting monetary tightening have become major downward factors, and uncertainty about the future of the global economy has increased again. 


Under these circumstances, in February this year, Tokai Carbon Group disclosed the rolling medium-term management plan “T-2024”, for the three-year period from 2022 to 2024. Based on the three basic policies of “returning core businesses to a path of growth,” “optimizing the business portfolio (selection and concentration),” and “strengthening the consolidated governance structure,” we aim to achieve quantitative targets of 356 billion yen in net sales, 57 billion yen in operating income, 16% in ROS, and 91 billion yen in EBITDA by 2024. Focusing on our core businesses of graphite electrodes and carbon black, we are working to secure appropriate profits by passing through the rising costs to selling prices. At the same time, we are expanding our production capacity for the growing future demand. 


In February this year, we disclosed our new long-term vision for 2030, “Contributing to the Realization of a Sustainable Society with Advanced Materials and Solutions.” We also established the Sustainability Committee to discuss important matters related to sustainability and the Carbon Neutral Committee to serve as a control tower for accelerating carbon neutral issues. 


As a result, net sales for the first nine months of 2022 increased 33.1% year on year to 246,332 million yen. Operating income increased 58.6% year on year to 28,015 million yen. Ordinary income increased 83.1% year on year to 32,132 million yen. Quarterly net income attributable to owners of the parent company increased 68.6% year on year to 16,121 million yen.


Demand for graphite electrodes remained firm, despite concerns about the impact of the global economic slowdown and rising raw material and energy costs. Production and sales volumes increased at all sites, and average selling prices also rose. As a result, net sales for the Graphite Electrodes business increased 53.8% year on year to 43,667 million yen, while operating income increased significantly to 5,303 million yen (compared with 138 million yen in operating loss for the same period of the previous year). 


Automobile production recovery has been delayed due to a shortage of semiconductors and other factors, however, demand in replacement tires remained strong, particularly for truck and bus applications in North America. Despite a decrease in overall sales volume year on year due to the sale of the China-based business, sales and profit increased due to measures such as passing on the increase in raw material oil prices to selling prices. As a result, net sales for the Carbon Black business increased 43.0% year on year to 103,350 million yen, while operating income increased 34.4% year on year to 8,986 million yen.

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