The aircraft division of Japan’s ShinMaywa enjoyed strong sales growth in the 2023 financial year as shipsets for the Boeing 777 and 787 programmes grew.

The company’s full-year revenue for the 12 months ended 31 March was Y31.9 billion ($205 million), up 38% from a year earlier, according to the company’s financial results.

Shinmaywa US-2

Source: Japan Maritime Self-Defense Force

ShinMaywa produces the world’s second largest amphibian, the US-2

Operating profits at the unit rose 54% to Y1.3 billion. The year also saw orders for its aircraft business grow 35.3% to Y32.6 billion.

During the year, ShinMaywa saw an increase in manufacturing work for the US-2 amphibian, which is operated by the Japan Maritime Self-Defense Force.

The year also saw the company deliver 39 shipsets for the 777/777X programme, up from 25 a year earlier, and 41 shipsets for the 787, up from 23 a year earlier.

However, shipsets for the Bombardier Global 7500 business jet fell to 34 from 42 a year earlier.

The company produces a range of components for the three types, most prominently the 777’s wing-to-body fairings, the 787’s main wing spar, and the Global 7500’s flaps, spoilers, and slats.

Looking forward, the company expresses optimism about its outlook for aerospace.

“With regard to products for the Ministry of Defense, although production work for mainstay [short take-off and landing] amphibians is likely to decrease, the production of components for other aircraft is expected to increase and overall sales are expected to increase,” says the company.

“Despite the significant impact of foreign exchange fluctuations on business results, the production volume of aircraft for private-sector demand is also expected to increase from the previous fiscal year due to a recovery trend for the mainstay Boeing company.”

ShinMaywa’s other units produce trucks, environmental systems, industrial machinery, parking systems, and equipment for dealing with large volumes of fluids. ShinMaywa’s aircraft segment accounted for 12% of the company’s 2023 revenues of Y257 billion.