Japanese conglomerate Maruha Nichiro, the world’s largest seafood company, saw both its earnings and sales rocket in its 2022/2023 fiscal year ending March 2023, driven largely by higher fish prices and growth in its overseas businesses.

The seafood behemoth saw sales “significantly exceed” its annual forecast, increasing 17.7 percent to surpass JPY 1 trillion (€6.5 billion/$7.1 billion) for the first time, thanks in part to rising fish prices and price revisions for processed foods.

Operating income hit JPY 29.6