Japan-based paper and packaging company Oji Holdings has reported consolidated net sales of Y1.706tn ($12.5bn) for the fiscal year (FY) which ended on 31 March 2023.

This reflects an increase of approximately 16% from Y1.47tn in FY21.

The operating profit of the company stood at Y84bn for the reported fiscal year of 2022 while the same was Y120bn in the previous year.

The company’s ordinary profit for FY21 was approximately Y135bn, however, the same figure decreased to Y95bn in FY22.

For the next fiscal year, Oji has forecast their consolidated net sales to increase to Y1.80bn while the ordinary profit, as well as the operating profit, is estimated to increase to approximately Y100bn.

The company said in a statement: “The second year of our FY2022-2024 Medium-term Management Plan has begun.

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“We have been facing drastic changes in the business environment, including sharp rises in raw material and fuel prices and significant fluctuations in foreign exchange rates. However, we will continue to steadily implement our ‘Initiatives for Environmental Issues-Sustainability’, ‘Initiatives for Profitability Improvement-Profitability’ and ‘Initiatives for Product Development-Green Innovation’ to achieve further growth and evolution, and to enhance our corporate value.”