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Process Industries

Hokuetsu Corp.

Business Summary

Hokuetsu Corp. engages in the manufacture and sale of paper and pulp products. It operates through the following segments: Paper and Pulp, Packaging and Paper Processing, and Others. The Paper and Pulp segment provides printing paper, white paperboard, and specialty paper. The Packaging and Paper Processing segment offers paper containers, liquid package cartons, laminated paper, functional materials, business forms, and data processing services. The Others segment includes wood products, construction, transportation, warehousing, and machinery manufacturing, sales, and maintenance. The company was founded on April 27, 1907 and is headquartered in Tokyo, Japan.

Financial Highlights

Mar 2023 JPYUSD
Gross Profit64,018M472.39M
Operating income17,289M127.57M
Income before tax13,757M101.51M
Net income8,325M61.43M
Diluted EPS49.470.36
Dividends Per Share180.13
Total Assets388,444M2,918.65M
Total liabilities162,490M1,220.90M
Total equity225,301M1,692.84M
Operating cash flow1,746M12.88M
Currency in JPYCurrency in USD

Historical Data

 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 275,807M 264,618M 222,454M 261,616M 301,204M
Gross Profit 51,139M 51,475M 38,476M 61,126M 64,018M
Operating income 10,131M 11,209M 1,168M 20,205M 17,289M
Income before tax 12,703M 12,711M 13,331M 27,358M 13,757M
Net income 9,155M 8,073M 14,172M 21,206M 8,325M
EBITDA 28,654M 29,784M 15,774M 33,551M 29,284M
Diluted EPS 47.73 40.94 83.00 126.09 49.47
Dividends Per Share 12 12 14 24 18
Total Assets 368,082M 344,731M 363,075M 376,956M 388,444M
Total liabilities 175,216M 163,864M 167,652M 159,976M 162,490M
Total equity 192,210M 180,265M 194,805M 216,330M 225,301M
Operating cash flow 21,626M 43,974M 23,760M 20,186M 1,746M
 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 2,487.10M 2,433.81M 2,097.48M 2,328.11M 2,222.62M
Gross Profit 461.14M 473.43M 362.78M 543.95M 472.39M
Operating income 91.35M 103.09M 11.01M 179.80M 127.57M
Income before tax 114.55M 116.90M 125.69M 243.45M 101.51M
Net income 82.55M 74.25M 133.62M 188.71M 61.43M
EBITDA 258.38M 273.93M 148.73M 298.56M 216.09M
Diluted EPS 0.43 0.37 0.78 1.12 0.36
Dividends Per Share 0.10 0.11 0.13 0.21 0.13
Total Assets 3,325.49M 3,193.28M 3,285.74M 3,105.71M 2,918.65M
Total liabilities 1,583.01M 1,517.89M 1,517.21M 1,318.03M 1,220.90M
Total equity 1,736.54M 1,669.81M 1,762.94M 1,782.32M 1,692.84M
Operating cash flow 195.01M 404.44M 224.02M 179.63M 12.88M

Valuation Measures

Mar 2023
Operating margin5.73%
Profit margin2.76%

Key executives

  • President, CEO & Representative Director: Sekio Kishimoto
  • Chief Risk Management Officer & Head-Legal: Makoto Yanagisawa
  • Executive Officer: Masayuki Kuribayashi
  • Manager-Business Administration: Tomonari Maruyama
  • Managing Director: Mitsushige Yamamoto


  • Hokuetsu Corp. (10.3%)
  • Misuga Kaiun Co., Ltd. (10.0%)
  • Oasis Management Co. Ltd. (9.8%)
  • Daishi Hokuetsu Financial Group, Inc. (4.5%)
  • Hokuetsu Kishu Paper Employee Stock Ownership Plan (3.6%)
  • Sumitomo Realty & Development Co., Ltd. (3.2%)
  • Dimensional Fund Advisors LP (2.6%)
  • Sompo Holdings, Inc. (2.3%)
  • Nomura Asset Management Co., Ltd. (2.1%)
  • Mizuho Financial Group, Inc. (2.1%)

Contact Details

Related Companies

  • Hokuetsu Material Co., Ltd.
  • Kishu Kohatsu Co., Ltd.
  • Hokuetsu Palette Co., Ltd.
  • Hokuetsu Logistics Co., Ltd.
  • Hokuetsu Paper Tech Katsuta Co., Ltd.
  • Hokuetsu Paper Tech Kishu Co., Ltd.
  • Hokuetsu Paper Tec Niigata Co., Ltd.
  • Kishu Kami Seisen Co., Ltd.
  • Bf & Package Co. Ltd.
  • New Zealand Plantation Forest Co. Ltd.
  • Freewheel Trade & Invest 7 (Pty) Ltd.
  • Shanghai Toh Tech Co., Ltd.
  • Totaku Shanghai Electric Materials Co., Ltd.
  • Jiangmen Xinghui Paper Mill Co., Ltd.
  • Xing Hui Investment Holdings Co., Ltd.
  • Alpac Forest Products, Inc.
  • Alpac Pulp Sales, Inc.
  • Hokuetsu Kishu Paper Employee Stock Ownership Plan
  • Hokuetsu Corp Pension Fund
  • Hokuetsu Kishu Sales Co., Ltd.
  • Tamura Yoshiten KK /Retail Shop Business/
  • Hokuetsu Forest Co. Ltd.
  • Hokuetsu Package Co., Ltd.
  • Hokuetsu Butsuryu KK
  • Hokuetsu Engineering KK
  • Hokuetsu Kami Seisen KK
  • Kishu Zorin Co. Ltd.
  • Hokuetsu Trading Corp.
  • Techno-Hokuetsu Ltd.
  • Hokuetsu Suiun Co., Ltd.


    Last Updated on 7 Jun, 2023

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