Canon reports 53% jump in production print business profit for 2021

Canon has released its financial results for 2021, declaring that despite the unsettled situation surrounding the Covid-19 pandemic affecting its sales, profit has significantly exceeded pre-Covid 2019 levels.

04 Feb 2022 | By Noel D'Cunha

The Canon VarioPrint iX-series, a B3 sheetfed inkjet press was launched in April 2020

Canon also projected a 10.2% year-on-year increase of consolidated net sales of ¥3,870.0 billion for 2022, on the back of an expectant global recovery trend over the long term supported by various economic measures and fiscal policies in each country and region.

In Southeast Asia, the inkjet and  laser production activity remained “stagnant” due to resurgence of Covid-19 infections. But, the unit sales of refillable ink tank printers were above those of the previous year due to solid global demand. Total sales were above those of the previous year due to a focus on higher-priced models. These factors resulted in total sales for the business unit of ¥1,938.8 billion, a year-on-year increase of 7.4%, while income before income taxes increased by 53.1% year-on-year to ¥233.0 billion.

Over all, production printing sales for 2021 rose by more than 15% compared to 2020, while profit increased 53% to ¥225.7bn. Total Canon group sales were up 11.2% to ¥3,513bn and operating profit surged 155% to ¥281.9bn. 

Toshizo Tanaka, Canon’s executive vice president and CFO, attributed the development to “past efforts to continuously improve business activities”.

It may be mention here that in August 2021, Cimpress signed a deal with Canon for supply of its technology, including inkjet printing. The buying reflected a bid by the global leader in mass customisation to retain its position at the forefront of the online printing industry as it continues to grow.

A month later, Canon launched four new ImagePrograf GP series large-format printers with aqueous fluorescent ink.

The Canon unit sales increases came from office MFDs as the ImageRunner Advance DX series saw solid demand, even as the demand for MFDs continued to recover despite the shortage of semiconductor chips. Sales of services and consumables increased due to a recovery in office occupancy rates.

Canon said, the VarioPrint iX series of sheetfed colour inkjet press in the production printing segment earned favourable reviews and sales of services and consumable increased due to the recovery. 

Looking ahead to 2022, Canon said, “Covid-19 infection due to new variants is expected to have a limited impact on the economic activity,  “though the outlook of the global economy remain uncertain with risks such as delays in the supply of semiconductor chips and high demand for international freight transport.” It still has projected an operating profit of of ¥332.0 billion, a year-on-year increase of 17.8%; income before income taxes of ¥360.0 billion, a year-on-year increase of 18.9%; and net income attributable to Canon of ¥245.0 billion, a year-on-year increase of 14.1%.

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