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Management Policy

Shareholder Returns

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Policy for distribution of profits

  • The Company considers the ongoing growth of its corporate value to be the most important return to its shareholders. The Company’s basic policy on the payment of dividends from surplus is to continue to provide stable dividends while securing sufficient retained earnings for its medium- and long-term business development. In line with this policy, the Company has targeted a consolidated dividend payout ratio* of 35%, taking into account factors such as operating revenue and the cash flow situation.
  • Retained earnings will be utilized as a source of funds for business expansion, including capital investment and R&D investment to enhance existing businesses and cultivate new businesses, investment in human resource development, and strategic investment such as M&A. Retained earnings may also be utilized to purchase treasury stock, as part of the Company’s flexible capital management aimed at improving capital efficiency and responding to changes in the business environment.
  • In accordance with Article 459 of the Companies Act, the Company stipulates in its Articles of Incorporation that it may pay dividends from surplus by a resolution of the Board of Directors based on record dates of 30th September and 31st March.
Consolidated dividend payout ratio

Shareholder Returns

NRI believes that a consistent increase in corporate value is the greatest return for shareholders. Meanwhile, we aim to maintain stable dividends with a target consolidated dividend payout ratio of 35%.

  • *NRI implemented a 1:1.1 common stock split on October 1, 2015 and January 1, 2017, but no adjustment has been made to the dividend per share.
FY March 2019
FY March 2018 FY March 2017
Dividends per share ¥90 ¥90 ¥80
Interim ¥45 ¥45 ¥40
Year-end ¥45 ¥45 ¥40
Payout ratio 40.0% 39.1% 42.4%
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