Yanmar achieves record high 2023 revenue, income

Source: Yanmar Holdings

Yanmar Holdings Co. Ltd. announced its financial results for the period ending March 31, 2024, stating it had achieved record highs in both revenue and ordinary income, driven by solid demand in the international power generation market and firm marine engine demand in the maritime sector. 

The strong performance comes on the heels of last year’s record, which saw a 17.3% increase in revenue to 1.222 trillion JPY (Japanese Yen) with ordinary income growing 26.2% from the previous year to 61.8 billion JPY. Net sales in FY2022 exceeded 1 trillion JPY for the first time since the company’s establishment.

Consolidated results for FY2023 saw a 5.8% increase in revenue to 1.84 trillion JPY, with ordinary incoming increasing 30.1% over the previous year to 80.4 billion JPY. In addition, the international sales ratio leapt to 61.2% due to growth in demand from international markets, the company reported.

Source: Yanmar Holdings

For FY2024, ending March 31, 2025, Yanmar is forecasting continued strength in the agricultural machinery sector in international markets, particularly in emerging countries. However, domestic Japanese demand is forecast to remain sluggish due to persistently high production material prices.

The industrial engine and construction machinery sectors are forecast to remain flat in North America and Europe, which demand in China expected to also be consistent with last year. However, the company anticipates ongoing cost increases due to such factors as inflation and rising labor costs.

Guided by its medium-term strategy, Yanmar plans to accelerate its development of battery-powered industrial machinery and engines compatible with new fuels to meet its carbon neutrality goals. It said it will also focus on furthering digital transformation (DX) and enhancing IT infrastructure to establish a next-generation management foundation.

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Note: Forecasts based on exchange rates of 140 JPY to the U.S. dollar and 150 JPY to the euro.