Nippon Paint Reports Significant Growth in 2024 Financials

On March 31, 2025, Nippon Paint Holdings Co., Ltd. (referred to as "Nippon Paint" or "Nipsea Holdings") disclosed its financial results for the 2024 fiscal year. As of now, Nipsea International, its parent company, holds a 55.06% stake in Nippon Paint. This marks a pivotal moment for the company, as it also revealed details about its individual shareholders and voting rights.

Established on August 6, 2012, in Hong Kong, Nipsea International focuses on investment business, with a registered capital of HKD 17.773 billion. It comprises six individual shareholders, all of whom are Singaporean, with April GOH holding 37.50% and the others each holding 12.50%.

Interestingly, GOH Hup Jin holds significant voting rights, amounting to 90.91%, despite not owning any shares in Nipsea International. This unique arrangement highlights the influence of key individuals within the corporate structure.

For the fiscal year 2024, Nipsea International reported non-current assets of HKD 65.48 billion, a decrease from HKD 81.68 billion in the previous year. Current assets stood at HKD 205.6 million, with net liabilities of HKD -71.802 billion and a net asset value of HKD -6.322 billion. The company achieved a revenue of HKD 1.032 billion, up from HKD 874.4 million the previous year, but reported a pre-tax loss of HKD 15.156 billion, compared to a profit of HKD 2.425 billion the year prior.

The founder, Wu Qingliang, now 98, established the Nipsea Group, Asia's largest paint manufacturer, and is the creator of the Nippon brand. His journey in the paint business began in 1949, and he established the first paint store in Singapore in 1955.

Nippon Paint has seen remarkable growth, achieving a total sales revenue of JPY 1.638 trillion in 2024, an increase of 13.6%. Operating profit reached JPY 187.6 billion, up 11.2%, with a net profit attributable to shareholders of JPY 127.3 billion, reflecting a 7.5% increase. Notably, Nipsea Group accounted for 55.80% of Nippon Paint's total revenue, with consolidated sales of JPY 914.37 billion.

Wu's commitment to the Chinese market has been instrumental in Nippon's success. Despite initial challenges in the 1990s, when the paint market was still developing, his perseverance led to extensive investments. Today, Nippon Paint operates over 74 production bases across mainland China and has become the top-selling paint brand for 27 consecutive years.