Ifuji Sangyo (2924), a manufacturer specializing in liquid eggs, is mainly engaged in the manufacture and sale of liquid eggs used as raw materials for various processed foods such as confectionery, bread, mayonnaise, frozen foods, etc., and the manufacture and sale of commercial powder seasonings, granulated seasonings, etc. used in instant noodles, etc. As a business segment, we have a liquid egg business, seasoning business, and organic EC business, and in the liquid egg business, in addition to selling liquid eggs and frozen eggs, we have newly started an organic EC business that carries out EC sales centered on meat raised on complete grazing and organically cultivated vegetables and fruits as a consolidated subsidiary in 2024/7. The liquid egg industry has an industry characteristic that it is easily affected by egg production volume and market prices, but in the case of the company, by organically combining purchasing/manufacturing/distribution at an advanced level, it is responsible for supply-demand adjustment functions for the entire industry and makes it possible to generate stable profits.

The cumulative consolidated results for the second quarter of the fiscal year ending 2025/3 were sales of 11087 million yen, down 15.9% from the same period last year, and operating profit of 1523 million yen, up 24.9% from the same period last year. Regarding sales, although the progress of the business itself was strong, it was affected by the decline in egg market prices, as the amount of eggs used by existing customers recovered, the development of new customers, and even the fact that the company's stable supply performance during supply shortages was evaluated, etc., and liquid egg sales volume hit a record high. Meanwhile, in terms of profit, it steadily increased due to a decline in purchase costs associated with a decline in egg prices and thorough cost management and profit generation activities based on the company's own standards, etc., and operating profit reached a record high for the first half of the year. As for the seasoning business, profits were steadily accumulated under the policy of focusing on expanding sales of highly profitable products, which was a factor that boosted overall operating profit.

Regarding consolidated financial results for the full year ending 2025/3, the company has revised sales and profits at each stage upward in response to the fact that the current liquid egg sales volume has been strong at a record high, the egg market for the second half is expected to be higher than initially anticipated, and that M&A of HORIZON FARMS Co., Ltd. has been carried out. Sales are expected to increase 0.6% from the previous fiscal year to 24651 million yen, and operating profit is expected to increase 45.5% to 2568 million yen. Both the liquid egg business and seasoning business are expected to move smoothly towards the end of the fiscal year. In the liquid egg business, sales power, purchasing power, and manufacturing power will continue to be strengthened by concentrated investment of management resources utilizing the strengths of being a specialty. Regarding the seasoning business, the policy is to accurately grasp customer needs while utilizing IT and focus on expanding sales of highly profitable products. Also, with regard to organic EC, we will focus on expanding business performance as a new profit base to further accelerate the company's medium- to long-term growth. Regarding the full-year dividend forecast, we plan to increase dividends by 5.0 yen from the previous fiscal year to 53.0 yen per share (expected dividend yield of 3.27%). The dividend forecast has also been revised upward, and 2.0 yen has been raised from the most recent forecast.

As a medium- to long-term growth strategy, the company plans to pursue further improvements in market share and profitability while continuously increasing purchasing power, sales power, and manufacturing power, which are the foundation of business activities. At the same time, business areas will also be expanded in order to achieve medium- to long-term growth. The policy is to focus on creating new services in the medical and beauty fields utilizing existing know-how and expanding into new business areas through M&A. The organic EC business described above is an M&A in line with this policy. Also, the company's market share in the liquid egg industry has been steadily expanding recently, and it can be seen that the overall growth strategy is progressing smoothly.