Sugar volumes soften, overseas holds up
DM Mitsui Sugar Holdings Co., Ltd. (TSE: 2109) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on October 30, 2026 under Japanese GAAP. From this period it changed how corporate costs are allocated to segments, and comparisons use restated figures. Sugar segment sales fell 4.9% to ¥72,742 million and segment profit 0.6% to ¥8,398 million. In Japan, demand from beverage and frozen-dessert makers was weak, and sales were hit by the deconsolidation of a subsidiary last year and the price cut of last November; the company raised shipping prices in August to pass on higher costs from soaring crude oil. Overseas, a UAE group company under Singapore's SIS'88 lost sales because of the situation in the Middle East, while steady volumes in Singapore and Vietnam kept profits level. Raw sugar in New York ranged from 13.22 to 18.88 cents a pound and ended the period at 17.61 cents.
Senior nutrition push; guidance and dividend held
Life & Energy sales rose 2.5% to ¥12,883 million, though segment profit slipped 9.5% to ¥159 million as labour costs rose at Taisho Technos; at the end of September the company acquired all shares of Senior Life Create, a nationwide provider of meal deliveries for the elderly and food for care facilities. Real estate profit fell 20.9% to ¥391 million after property sales last year. Equity-method losses at a Thai affiliate pulled ordinary profit down 5.5% to ¥6,103 million, and the absence of last year's ¥647 million gain on fixed assets cut net profit to ¥4,227 million, or ¥135.85 per share. The company kept its FY3/2027 forecast of net sales of ¥181,000 million, operating profit of ¥13,000 million and net profit of ¥7,700 million, and its annual dividend plan of ¥140 against ¥130, including an interim ¥70.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 86,899 | 90,363 | -3.8% |
| Operating profit (¥ million) | 6,262 | 6,324 | -1.0% |
| Ordinary profit (¥ million) | 6,103 | 6,455 | -5.5% |
| Net profit attrib. to owners of parent (¥ million) | 4,227 | 4,731 | -10.7% |
| Comprehensive income (¥ million) | 4,542 | 3,872 | +17.3% |
| EPS (¥) | 135.85 | 150.69 | -9.8% |
| Sugar — revenue (¥ million) | 72,742 | — | -4.9% |
| Sugar — segment profit (¥ million) | 8,398 | — | -0.6% |
| Life & Energy — revenue (¥ million) | 12,883 | — | +2.5% |
| Life & Energy — segment profit (¥ million) | 159 | — | -9.5% |
| Real estate — revenue (¥ million) | 1,273 | — | -3.3% |
| Real estate — segment profit (¥ million) | 391 | — | -20.9% |
| Total assets (¥ million) | 185,073 | 181,955 | +1.7% |
| Net assets (¥ million) | 117,106 | 114,595 | +2.2% |
| Equity ratio | 62.0% | 61.6% | +0.4 pt |
| FY3/2027 guidance — revenue (¥ million) | 181,000 | — | +0.5% |
| FY3/2027 guidance — operating profit (¥ million) | 13,000 | — | +0.7% |
| FY3/2027 guidance — ordinary profit (¥ million) | 12,700 | — | +0.5% |
| FY3/2027 guidance — net profit (¥ million) | 7,700 | — | +94.4% |
| Annual dividend per share (¥) | 140.00 | 130.00 | +7.7% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.