I am Masayoshi Fujimoto, the President and CEO of Sojitz Corporation. Let me present the financial results for Q2 of FY2022, and the progress of growth strategy in Medium-Term Management Plan 2023. With rising product and core market prices and stable growth of non-resource businesses, including automobile material related to steel and chemicals, first half profit was JPY 78.9 billion, updating the record- high first half number. Core operating cash flow was JPY 90 billion. We are making major progress from the initial forecast, showing strong cash generation power. Based on this progress, we revised the full year forecast from JPY 85 billion to JPY 110 billion. Annual dividend is increased to JPY 130 per share. The shareholder return policy for next fiscal year will be explained later.
Five years ago, when we announced MTP 2020, I said that we would aim for JPY 100 billion. Under rapidly changing external environment, our path has not been easy. I feel profound emotion that this time we are at the stage where we can confidently commit to JPY 110 billion. We are still at halfway of MTP 2023, but we are determined to continue to work as a united team toward the further growth. This shows the revised forecast as well as the achievement against the revised forecast for all segments. Compared to the initial forecast, except for the automotive, which stays the same, we made upward revision for all other segments. Our CFO, Tanaka, will give you the explanation on this and later during the Q&A. Next is cash flow management. Core operating cash flow was solid compared to the initial forecast.
In addition to the rising resource prices, with reduced cross-shareholding and asset replacement in business portfolio, we are generating higher than expected cash. Because of uncertainties in the recent investment environment, new investments in the first half was JPY 37 billion, which is slightly slow start. The cumulative investment since last fiscal year is JPY 185.85 billion. We expect to execute JPY 330 billion, including the non-financial investments during this MTP as planned. We will maintain the positive six-year aggregate core cash flow during MTP 2023. Mr. Seiichi Tanaka, CFO, will give you more details later. Next is shareholder returns policy. As explained, we revised FY 2022 full year forecast to JPY 110 billion.
Based on the policy of stable and continuous dividend and about 30% payout ratio for MTP 2023, FY 2022 dividend forecast is JPY 130 per share, and payout ratio is 27.3%. JPY 130 is up JPY 24 from last year's JPY 106, and up JPY 18 from the initial forecast of JPY 112. Based on the policy of stable and continuous dividend for FY 2023, which is the final year of the MTP, JPY 130 per share will be the minimum level. Based on about 30% payout ratio, this dividend will be paid when the consolidated profit for the period is about JPY 100 billion. Also, the cash flow for three years in MTP 2023 is expected to be solid.
We plan to execute the share buyback in FY 2023, which is the final year of MTP. As for the timing and the value of the buyback, we would announce them as soon as we know them based on the business and financial results of FY 2023 and the cash flow situation. This time, we have explained the shareholder return policy and direction in addition to the expected dividend payment for FY 2022. We continue to focus on the growth investments and capital efficiency. Through stable and continuous shareholder returns, accumulation and effective use of retained earnings, we will try to enhance our competitiveness and shareholder value. This slide shows the major investments made in FY 2021 and first half of FY 2022.
As mentioned under the first half investment progress, although COVID-19 related restrictions on people and goods are being lifted, we are facing the global inflation triggered by Russian invasion of Ukraine and rapid depreciation of yen. Because of this, we have been carefully selecting the timing of investments. You might have an impression that we are not making a big progress. At this midpoint of MTP, we will continue to actively promote new investments and expand our top line for growth. This slide shows investment progress and ROI since MTP 2017. Earnings contributions from the investments in MTP 2017 was about JPY 8.5 billion in the first half of FY 2022, which is solid mainly in non-resource business. During MTP 2020, the first half, the results were about JPY 11 billion, mainly in Australian coking coal business.
Both expected to exceed the initial plan at the time of MTP announcement. As for MTP 2023, although there are some delays to see the earnings contributions due to the COVID-19 impact, as you see on this slide, as a whole, the return in ROI has been same or higher than the plan, thanks to the strong trend of the infrastructure and the materials related businesses. Front line is working on the improvement measures one by one so that we can realize steady earnings contributions.
Next, let us look at progress in establishing a solid business foundation and transforming the business portfolio. To achieve the numerical targets in the medium-term management plan, continuation of new investments and drastic transformation of existing businesses are essential. To support this virtuous cycle, as shown at the center of the figure, we are focusing on local market-oriented initiatives, collaboration, and striving for speed as part of our growth strategy to pursue competitive advantage and growth markets. Accordingly, we are boldly transforming our organization and human resources, too. In addition to new investments around focus areas, we seek to add new value to existing businesses and keep replacing assets to increase the value of each and every business, as well as our portfolio as a whole.
For example, in non-resource business, particularly trading of chemicals, we have steadily increased earnings as well as the rate of return through our market-oriented approach. Leveraging the functions and networks that we have built over the years, and with a corporate culture that values openness and speed, we view changes in the world as opportunities to transform ourselves for the next stage of growth. In parallel with transformation of business portfolio, we are also committed to transformation of our organization and human resources towards realizing our vision for 2030, which is to be a trading company that constantly fosters new businesses and human resources. The two pillars of our DX strategy are to leverage data analysis and digital technology to transform business models, and to develop and secure the human resources to execute the strategy. Let me share an example.
The automotive division is trying to transform the market for secondhand cars using digital twins. With 3D images of the car's interior and exterior, small scratches and dents that only a professional appraiser would see, or repairs that cannot be seen by the naked eye are all made visible. This not only benefits consumers, but can also revolutionize the whole of the secondhand car industry. For digital human resources, all of our employees are required to pass the IT Passport exam. To make digital the common language of the organization that everyone understands, we design and provide digital training programs of different levels to address different qualities and interests of all individuals. We are also proactively leveraging young new graduates of the digital native generation, as well as highly skilled mid-career recruits. Slide 10 shows the stock price against the TOPIX index, as well as credit ratings.
At the end of September, our price-to-book value ratio remained at around 0.6, while the stock price outperformed TOPIX by 31% year- to- date. We will continue to aim for a PB ratio above 1, keeping a close eye on the stock price and striving to increase corporate value. Our credit rating has been recently upward revised by rating agencies. R&I upgraded us from BBB+ to A-, recognizing stable accumulation of earnings. JCR changed our rating outlook from stable to positive. We will continue to steadily accumulate earnings towards the next step. The global situation is becoming increasingly uncertain with high inflation, the weak Japanese yen, and the situation in Russia and Ukraine. On the other hand, various restrictions related to COVID-19 are gradually being eased in Japan as we transition to a with-COVID era.
Even in this highly uncertain external environment, we will always be mindful of Sojitz's mission as a general trading company to provide necessary goods and services wherever they are needed, and continue to meet expectations of our stakeholders, leveraging the strong partnership with customers. We will continue to transform ourselves so that we can keep turning change into opportunity. Remote and online access have their advantages that we will continue to leverage, but our emphasis will be on direct face-to-face interaction with you all. Thank you very much for your attention. I will be followed by Seiichi Tanaka, the CFO.
Thank you very much. I'll be using the highlights of consolidated financial results, as well as supplementary materials to explain the first half of the year ended September 30th, 2022. Let me start with the revenue using the consolidated statements of profit and profit or loss in the middle of this page. In Metals, Mineral Resources & Recycling, coal price stayed at high- level. Revenue increased by JPY 91.1 billion year-over-year to JPY 349.9 billion. In Chemicals, major businesses, including methanol, plastic resin, rare earth, and C5- related business were all solid. Chemicals revenue increased by JPY 62.9 billion to JPY 323.5 billion.
With the higher prices of the plywoods in housing materials and also the higher price of the overseas fertilizer business, the consumer industry and agriculture business revenue increased by JPY 50.7 billion to JPY 192.6 billion. As a whole, revenue grew by JPY 272.6 billion to JPY 1,273.3 billion. Under gross profit, the contribution of Metals, Mineral Resources, & Recycling was JPY 39.3 billion, more than 60% of the total growth of JPY 64.5 billion, driving the overall profit increase. Total gross profit was JPY 182.2 billion. Under SG&A expenses, higher transaction volume led to the higher expenses, and there were also inclusion of the newly consolidated companies.
With business performance improvements, the bonuses were higher, and weaker yen led to the higher expenses of the overseas subsidiaries and affiliates translated into the yen. Also cost increased due to the inflation. Total SG&A expenses increased by JPY 21.8 billion. Total SG&A expenses of JPY 105.6 billion was booked. In other income and expenses, including one-time gains and losses, there were no major items in Q2. In Q1, there was a major gain on transfer and revaluation gain from the partial sale of the telecom tower operating company in the Philippines. Total other income was JPY 3.8 billion. Under financial income and costs, interest expenses was JPY 2 billion. Dividends received improved JPY 0.4 billion year-on-year to JPY 2.3 billion.
Overall financial income improved by JPY 1.4 billion year-on-year to the financial income of JPY 1.2 billion. Share of profit and loss of investments accounted for using equity method with the higher profits of steel trading company, LNG-related company, and the European wind power operating company, it increased by JPY 8 billion year-on-year to JPY 24.9 billion. Profit before tax increased by JPY 54 billion year-on-year to JPY 106.5 billion. Deducting the income tax expenses, the profit for the period was JPY 81.6 billion. Profit attributable to owners of the company, highlighted in light blue, was JPY 78.9 billion, 2x higher than the year before. On the right-hand side, we are showing you the revised forecast. The percentage achieved against JPY 110 billion was 72%.
Now please refer to the consolidated statements of financial position or balance sheet on the right-hand side. Total assets at the end of September was JPY 2,933.4 billion, up JPY 271.7 billion from the end of March. Out of this number, due to the weaker yen equivalent value of assets denominated in foreign currency was more than JPY 150 billion. As for the net increase of JPY 120 billion, this includes the execution of investments and price increases of the coal and plastic resin and higher operating assets. Total liabilities at the end of September came to JPY 2,028.1 billion, up JPY 130.3 billion from the end of March.
As was the case with total assets, the weaker yen had an impact of JPY 105.9 billion. The remaining net increase is related to gross interest-bearing debt, which is shown in the table below. Compared with the end of March, this figure increased by JPY 40.6 billion. That's due to the weaker yen inflating the foreign currency denominated debt when translated into the yen. Actually, on a net basis, we have repaid debts. Last but not least, the equity portion of the same part. The second line from the bottom, the underlined line item says total equity attributable to owners of the company. At the end of September, this figure came to JPY 862.3 billion. That's up JPY 134.3 billion from the end of March. Major factors include retained earnings and other components of equity.
Retained earnings increased by JPY 67.7 billion, thanks to profit for the period of JPY 78.9 billion, less dividends paid. Other components of equity increased by JPY 66.6 billion. This includes more than JPY 60 billion due to changes in foreign exchange rates or translation adjustments.
Further down, there is a table showing six key financial indicators. Let me highlight the third line from the top, which is the net debt-to-equity ratio. This came down from the end of March by 0.11 to 0.95 due to the increase in total assets. Further down and to the left, let's look at the table that shows cash flows. Cash flows from operating activities was a net inflow of JPY 82.2 billion, mostly from core operating cash flows. Cash flows from investing activities was a net outflow of JPY 44.2 billion due to new investments. Free cash flows was a net inflow of JPY 38 billion. Let's now turn to the second sheet, which says supplementary material.
I'd like to focus first on the middle portion of the big table, which shows the segment performance and profit for the period. First, on Automotive. The first-half profit of JPY 4.5 billion is 75% of the JPY 6 billion full year forecast, which is good. In the second half, we expect Automotive sales to be down given higher interest rates in Europe and in America, so that we are maintaining the JPY 6 billion forecast for the full year. For Aerospace & Transportation Project, usually, this segment has earnings concentrated in the second half, but this time, the first-half earnings came to 44% of the initial forecast.
In the second half, we expect recovery in air traffic demand, and therefore, we have upward revised the full year figure from JPY 4.5 billion to JPY 5 billion by JPY 500 million. For Infrastructure & Healthcare, their first-half results have actually reached the full year initial forecast. We have done an upward revision to reflect the JPY 3 billion in one-time factor in the first half so that the forecast is now JPY 12 billion from the initial JPY 9 billion. For Metals, Mineral Resources & Recycling, we have done an upward revision by JPY 14 billion to account for the strong first-half results and recent conditions in the coal prices. Therefore, the new forecast is now JPY 65 billion. For Chemicals, many products and metal products and materials, rather, are benefiting from higher prices in the first half.
In the second half, we expect this to soften, but given that in the first half we have already achieved 90% of the initial full year forecast, we have upward revised the JPY 12.5 billion figure to JPY 17 billion by JPY 4.5 billion. For Consumer Industry & Agriculture Business, the initial forecast did not factor in a raise in selling prices for overseas fertilizers, but we were in fact able to do so. As a result, the first-half results were almost double the initial forecast for the full year. However, second half is a slow season for fertilizers, and building material prices such as that for plywood are coming down. We therefore expect the second half to be at break-even level so that the full year forecast is now JPY 6 billion. Last but not least, Retail & Consumer Service.
The first-half results were only 28% of the initial forecast of JPY 5 billion. However, we expect gain from asset replacement in the second half. In reflection of that, we have upward revised the full year forecast from JPY 5 billion to JPY 7 billion by JPY 2 billion. Now let's look at the financial position table that is to the lower left-hand corner. I won't go into each of these figures, but given the upward revisions that I have just discussed and the impact of the weaker yen, we have revised these figures for the end of March accordingly. This concludes my presentation. Thank you very much for your kind attention.