Maruha Nichiro, the world’s largest seafood company, has reported record sales and operating profits for the nine-month period from April through December.
The Tokyo-based company grew net sales by 18 percent to JPY 781 billion, while operating income rose by 20.4 percent to JPY 26.9 billion.
Sales in the Marine Products Business Segment were driven by recovery in sales of farmed fish to foodservice and institutional food businesses, while the Aquaculture Unit benefited from higher sales volumes and prices of yellowtail and amberjack, and higher market prices for tuna.
However, the Processed Foods and Foodstuff Distribution Segments struggled with higher costs, and the company expects a tougher business environment in Q4 due to falling market prices for marine products, consumer reluctance to buy, and continued high costs of food products.
Despite challenges, the company has launched the Sakana X campaign to raise awareness and interest in seafood.