Dividends and Dividend Payout Ratios

Dividend policy

We are committed to enhancing our corporate value by strengthening our earning power to enable sustainable growth and building a foundation for growth as a global company. We position the return of profits to our shareholders as an important management task, and our basic policy is to provide stable and continuous dividends with a target consolidated dividend payout ratio of approximately 30% and a consolidated dividend on equity (DOE) ratio of 2.5% or more, while securing the internal reserves necessary for our business strategy to increase corporate value in the future, We intendsto take into consideration its business performance, dividend payout ratio, and other factors in a comprehensive manner.
Our basic policy is to pay dividends from surplus twice a year as interim and year-end dividends. These dividends from surplus are decided at the general meeting of shareholders for year-end dividends and by the Board of Directors for interim dividends. Our Articles of Incorporation stipulate that we may pay interim dividends with September 30 as the record date.


2020/03 2021/03 2022/03 2023/03 2024/03
Interim dividend (Yen) 15.00 13.00
Year-end dividend (Yen) 15.00 17.00
15.00 17.00
Annual dividend (Yen) 30.00 30.00
30.00 32.00
Dividend payout ratio (%) 43.3 83.9
411.2 39.3

Stock Split

Effective date Split ratio Number of shares after split
January 1, 2016 1:4 72,376,400

*The current total number of shares outstanding is 73,896,400.

Status of Acquisition/Cancellation of Treasury Shares


Number of shares held at beginning of year Number of shares acquired during fiscal year Number of treasury shares disposed of during fiscal year Number of treasury shares held at end of year Ownership to total number of shares issued at end of year (%)
FY2019 3,042,930
FY2020 3,042,930
FY2021 2,914,981
FY2022 2,878,899 - 54,594 2,824,305 3.8%
FY2023 2,824,305 - 32,569 2,791,736 3.8%