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Maruha Nichiro's Marine Products Trading Segment Reports Loss

Tokyo-based Maruha Nichiro saw a 5.9 percent decline in operating income, totaling JPY 25.4 billion (USD 168.7 million, EUR 155.9 million) for the April to December 2023 period. While the company, renowned as the world's largest seafood company by revenue, faced challenges in its Marine Products Business segment, it experienced robust performance in its Processed Foods Business segment.

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Maruha Nichiro's Marine Products Trading Segment Reports Loss
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Maruha Nichiro released its consolidated financial results for the third quarter of the fiscal year ending March 2024 on 5 February. The company reported a 0.8 percent year-over-year increase in overall net sales, reaching JPY 787.3 billion (USD 5.2 billion, EUR 4.8 billion).
However, sales for its Marine Products Business segment, which includes Fishery Business, Aquaculture Business, Marine Products Trading, and Overseas Business, experienced a decline of 6.3 percent, dropping from JPY 458.3 billion (USD 3.2 billion, EUR 2.9 billion) to JPY 452 billion (USD 3 billion, EUR 2.7 billion). Operating income for this segment also decreased by 42.1 percent, falling from JPY 19.5 billion (USD 129.5 million, EUR 119.7 million) to JPY 11.3 billion (USD 75 million, EUR 69.3 million).
The Fishery Business segment reported an operating loss of JPY 500 million (USD 3.3 million, EUR 3 million), attributed to reduced catch volumes, higher fuel costs, and decreased selling prices for species such as yellowfin tuna.
In the Aquaculture Business, while sales prices for farmed bluefin tuna and amberjack remained strong, yellowtail prices declined. Maruha Nichiro plans to reassess its aquafeed formulations due to increased fishmeal prices.
The Marine Products Trading unit faced challenges from low prices for frozen tuna and salmon but expects growth in octopus, shrimp, and processed seafood products due to rising foodservice demand.
In the Overseas Business unit, the company benefited from increased Alaska pollock quota but faced soft prices and delayed sales. In Europe, consumer focus on lower-priced products led Maruha Nichiro to strengthen volume-retailer sales channels.
On a positive note, the Processed Foods Business segment saw a 93 percent increase in operating income, reaching JPY 11.6 billion (USD 77 million, EUR 71.2 million), attributed to product specification changes, SKU reduction, and price increases.
The Foodstuffs Distribution Business segment saw increased sales volumes, while the Logistics segment benefited from price increases reflecting higher gas and electricity costs.
Overseas net sales increased by 21 percent in Europe but decreased by 7 percent in Asia and 24 percent in North America for the April to December 2023 period.
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