Canon posts 13 percent increase in total revenue

Canon’s Printing Business Unit posted an increase in revenue but profit was down, reflecting a significant increase in parts and logistical costs, and a decline in consumables sales, as home demand for inkjet printers peaked out. However, the company’s production printing remained a bright spot, with an increase in the number of dealers that handle our large-format printers, and subsequent growth in sales.

In its financial statement for 2022, Canon said total net sales increased by 14.7 percent year-on-year to ¥4,031.4 billion due to adjustment of product prices and depreciation of the yen. The net income attributable to Canon Inc has been increased by 13.6 percent year-on-year to ¥244.0 billion. In 2022, the business environment remained challenging as it was hit by various headwinds, such as the spread of Omicron early in the year, Russia’s invasion of Ukraine, Shanghai’s lockdown, and accelerated global inflation, reported Canon, adding that in 2023, the company will continue to improve the performance of its existing products, introduce new products, and expand dealer network.