Investor relationsStock informationShareholder return policy and dividend policy

(As of October 31, 2023)

Policy on determining dividends of surplus

Returning profits to shareholders is an important management measure, and we proactively provide shareholder returns by distributing our earnings in accordance with our business performance. Our policy has been to maintain a consistent dividend payment based on a minimum of one-third of profits. With the objective of further enhancing shareholder return, we are now aiming to distribute approximately 50% of profits. We also recognize the acquisition and retirement of outstanding company shares as an effective method of returning profit to shareholders and will buy back and retire shares in an appropriate manner in consideration of the business environment and our financial standing.

Management plans to distribute dividends amounting to ¥50 per share (including an interim dividend of ¥25.0) for the fiscal year ending March 2024. As a result, the consolidated dividend payout ratio for the fiscal year ending March 2024 is expected to be 51.7%, and the dividend on equity (DOE) ratio is expected to be 5.5%.

Retained earnings will be used as resources for research and development and capital investment, which are indispensable for sustaining our growth and strengthening our corporate structure for business development and expansion that will enhance share value in the medium and long term.

The Company has a basic policy of distributing surplus dividends twice annually in the form of interim and year-end dividend payments. The General Meeting of Shareholders decides the amount of the year-end dividend, and the Board of Directors decides the amount of the interim dividend. The Articles of Incorporation stipulate that “the Board of Directors has resolved that the Company may distribute dividends of surplus to shareholders and registered stock pledgees each year with a date of record of September 30.”

Dividend amount (per share)


FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Interim 5.625 6.25 9.375 9.375 11.25 15.00 12.50 12.50 20.00 22.50 25.00
Year end 6.875 8.75 9.375 11.875 15.00 15.00 12.50 22.50 25.00 27.50 25.00
Full year 12.50 15.00 18.75 21.25 26.25 30.00 25.00 35.00 45.00 50.00 50.00
Consolidated dividend
payout ratio
34.9% 30.1% 37.8% 31.7% 33.0% 33.5% 34.5% 38.9% 39.6% 41.4%​ 51.7%​
  • The Company exercised a stock split at a ratio of 4 shares per common share on March 1, 2018. Dividend amounts prior to the second quarter of the fiscal year ended March 2018 are retroactively adjusted to reflect the stock split.
Dividend amount

Shareholder benefits

The Company does not have a shareholder benefit program.