Sony Corporation registers record highs in sales and operating income for FY2020

Sony Corporation capped a strong FY20 with sales and operating income both touching record highs in the financial year. The consolidated sales income grew 9 per cent while the consolidated operating income grew 15 per cent year-on-year against the same period last year, attributed to robust growth of the Game & Network Services (GNS) and Financial Services segments.

Concluding 31 March 2021, the recorded operating income for FY20 was USD 9.1 billion (¥971.9 billion) up by 15 per cent from USD 7.96 billion (¥845 billion) in FY2019. Meanwhile, sales amounted to USD 84 billion (¥8.999 trillion) against USD 77.8 billion (¥8.259 trillion) from last year, hence registering an increase of USD 6.97 billion (¥740 billion).

Sony’s GNS segment witnessed an increase of USD 6.4 billion (¥679 billion) or 34 per cent in revenues compared to FY19. The consolidated sales clocked USD 25 billion (¥2.656 trillion) while the operating income touched USD 3.22 billion (¥342 billion) in FY20. The increase in operating income was primarily due to an increase in sales of game software and network services, partially offset by an increase in selling, general and administrative expenses associated with the launch of the PlayStation®5.

The financial services segment saw revenue grow 28 per cent year on year to USD 15.73 billion (¥1.669 trillion) and the operating income increased by USD 329.87 million (¥35 billion) to touch US$ 1.55 billion (¥164 billion). The Music category also recorded an increase in sales and operating profits.

Two other major categories, Electronics Products & Solutions Segment (EP&S Segment) and Imaging & Sensing Solutions Segment (I&SS Segment) both saw decrease in sales. However, EP&S registered a significant increase in operating profit.

“Here in the Middle East & Africa region, most categories showed a positive performance, with robust growth in the sale of electronics and imaging solutions. In keeping with Sony’s culture of constant innovation, we will be building on this success with the launch of new products in the digital imaging, television and audio products categories. The powerful full-frame mirrorless cameras A7C and A7SIII helped Sony increase market share in the high-end camera segment as well as the V-logging camera ZV-1, while BRAVIA 4K and 8K LED TVs and new range of OLED TVs consolidated Sony’s leadership in the highly competitive televisions market.  Our new partnerships with OTT providers, announced last year, have added more value for consumers. We are optimistic these are likely to translate into a positive impact in the near future,” said Takakiyo Fujita, Managing Director, Sony Middle East and Africa.

The consolidated sales forecast for FY2021 are expected to be USD 91.4 billion (¥9.7 trillion) while operating income is expected to be USD 8.76 billion (¥930 billion).