This is Keita Kato. Thank you for taking time out of your busy schedule to join us today. On page one, I would like to highlight the main points and the key message of today's presentation. First, I'd like to draw your attention to the table, the columns for FY 2023 results and FY 2024 plan. For FY 2023, we achieved a JPY 14 billion growth in sales and JPY 2.7 billion growth in OP. Although market conditions remained sluggish in general, including the domestic housing market, we were able to secure margins by improving and maintaining the sales price. Net sales and OP were almost in line with the January forecast, while ordinary profit and net profit both reached record highs. These exceeded the January forecast, mainly due to foreign exchange gains. ROE was 10.4%, indicating improved capital efficiency.
Next, the business plan for FY 2024. Market conditions are expected to recover moderately. We'll continue to focus on expanding sales of high-performance products and maintaining margins, while keeping the momentum for consolidated sales and OP growth by executing measures for augmenting profitability in the housing company. We'll strive to achieve a record high OP of JPY 102 billion. Following our shareholder return policy, and based on the net profit of JPY 77.9 billion for FY 2023, we raised the year-end dividend by JPY 3 from the January forecast to JPY 39 per share, for a total annual dividend of JPY 74 per share. For FY 2024, we plan to raise the annual dividend by JPY 1 - JPY 75 per share, which would mark the 15th consecutive term of dividend hike.
We have also set a share buyback program of up to 4 million shares and plan to retire 4 million shares. Page two illustrates the progress of the midterm plan. First, I'd like to touch upon the progress of our investment plan, which totaled JPY 66 billion in FY 2023 on approved basis. Although some deals were carried over to FY 2024 and beyond due to the sluggish market, we see more growth investment opportunities, such as capacity expansion, in the HPP Company, UIEP, and medical business. We continue to search for M&A opportunities, focusing on growth areas.
Regarding strategic innovation at the bottom left, we are accelerating development of perovskite solar cells, which have been increasingly covered in the media, to establish production technology to expand the width from the current 30 centimeters to 1 meter, and they are making progress in line with the commercialization plan targeted for FY 2025. In addition, infrastructure materials business overseas is progressing steadily, as evidenced by the launch of the synthetic wood FFU plant in the Netherlands last fiscal year. In our efforts to reinforce the ESG management platform shown at bottom right, the ratio of product sales that enhance sustainability has steadily increased to 75%. For GHG reduction, we promoted renewable energy at our overseas site and achieved the midterm plan target of 33% reduction, two years ahead of schedule.
On initiatives around human capital, we raised wages by more than 4% in FY 2023, and are planning to invest in human capital at a higher level in FY 2024, compared to the previous year. On page three, this slide illustrates our track record of shareholder return, our policy, and the plan for FY 2024. We will continue to be active in our shareholder return initiatives in FY 2024. With that, I'd like to conclude my part. Thank you for your attention.
I am Kamiwaki. Thank you for this opportunity. I will report FY 2023 results and an overview of FY 2024 plan. Page four shows Forex results, and we had gains from the weaker yen, as stated. Page five shows the overview of FY 2023. This is as explained by President Kato at the outset. Please look at this at your leisure. Page six shows the results by segment. High Performance Plastics Company saw a substantial increase in net sales and operating profit, mainly in the mobility field.
Housing Company saw a decrease in net sales and operating profit, owing to the prolonged slump in the new housing market conditions and a surge in the component costs. Urban Infrastructure and Environmental Products Company saw an increase in net sales and operating profit on the back of thoroughgoing efforts to secure margins and a growth in prioritized product sales. Medical business saw a decrease in operating profit due to substantial impact of the decline in sales of COVID-19 diagnostics kit in the U.S. For other business domains, upfront investment in major themes progressed steadily as stated.
Page seven shows the first half and the second half results by segment. Please look at the second half results in particular. Mobility field drove the second half results, with HPP posting a substantial increase in operating profit. On the other hand, profit in housing field dropped due to a significant impact from reduced orders in the first half, while we made progress with its profitability enhancement measures. Other and corporate expenses were as stated. Page eight shows FY 2023 results analysis. Please look at the right-hand side for the analysis of operating profit.
Sales volumes and product mix were particularly impacted from decreased demand compared to the January forecast, but it was covered by selling price and raw material margins. We were able to control fixed costs better than the forecast, posting a total profit increase of JPY 2.7 billion, more or less in line with January forecasts. From page nine, FY 2024 plan. Our Forex assumptions are as stated. Page 10 shows FY 2024 plan, P&L overview, and returns to shareholders. These are as explained by President Kato at the outset. Please look at this at your leisure. Page 11 shows outlook for market conditions. The global automobile production volume in the upper left was slightly lower than expected in Q4 FY 2023. In FY 2024, we expect it to be more or less flattish year-on-year.
In the lower left, smartphone shipments were in line with expectations in Q4 FY 2023, and FY 2024 outlook is flattish year-on-year. Housing visitors in the upper right, overall visitors in the second half of FY 2023 recovered to the same level as the previous year, and we expect exhibition visitors to recover in FY 2024. We expect new housing starts, shown below that, to gradually recover after the trough in the second half of FY 2023. Domestic Naphtha price in the bottom right saw a slight surge compared with forecast in Q4 FY 2023. Our assumption for FY 2024 is to remain at the high level. Page 12 shows FY 2024 plan by segment. All segments plan for both net sales and operating profit to increase, with record operating profit in all segments, except in the Housing Company.
For High Performance Plastics Company, we forecast growth in the mobility field and a recovery in electronics-related demand. Focusing on the semiconductors, we plan for a substantial increase in net sales and operating profit. For Housing Company, we anticipate a modest recovery in new housing construction market conditions, and we plan for substantial increase in net sales and operating profit on the back of measures to strengthen housing business profitability and renovation business growth. For UIEP, we anticipate a gradual market recovery in the second half. We will focus on expanding sales of prioritized products, increasing overseas sales, and improving selling prices. For medical business, we will make sure to capture diagnostics demand in Japan and overseas. We plan to expand the sales of blood coagulation devices and reagents in Japan and China, and the new products in the US.
For other, we will continue to aggressively pursue large-scale themes as we did in FY 2023. Page 13 shows the first half and the second half FY 2024 plans by segment. We plan for operating profit growth both in the first half and in the second half. In the first half, in particular, HPP will continue to drive the group as a whole. We plan for an increase in net sales and operating profit across all segments in the second half. In the Housing Company, despite plans for a decrease in net sales in the first half due to a drop in orders received in FY 2023, we forecast an increase in the full-year operating profit by promoting measures to strengthen profitability. Page 14 shows FY 2024 plan analysis. Please look at the analysis of operating profit on the right.
Regarding sales volumes and product mix, we plan for significant growth on the back of our expectation for a gradual recovery in global market and in the Japanese housing market, where we expecting a large positive numbers. Regarding fixed costs, we are exceeding a certain increase, mainly driven by human capital investment. We plan for operating profit to increase by JPY 7.6 billion by securing the same level of margin from the previous year and with foreign exchange gains. Page 15 is the last page, which shows consolidated performance. We will be aiming for another record operating profit in FY 2024, exceeding JPY 100 billion mark for the first time. We also forecast a new EBITDA record over FY 2023, again in FY 2024. We also stated ROIC, ROE, and other metrics for your reference. This ends my presentation.
Yes, I am Nishida. I will now explain the financial results for FY 2023. Starting on page 17, the number of consolidated subsidiaries decreased by five companies to 143. The number of equity method affiliates decreased by one as a result of reviewing our ownership in Sekisui Jushi Corporation. On page 18, I will walk you through the items below the ordinary profit line. Ordinary profit was JPY 105.9 billion, up by JPY 1.7 billion year-on-year, and marked a new high, thanks to higher OP and Forex gains of JPY 7 billion, resulting from weaker yen than the previous year. Extraordinary profit included, again, on the sale of shares in Sekisui House, as we divested our holdings.
Extraordinary losses included impairment losses on fixed assets related to lithium-ion battery business, and the loss on valuation of shares in Volocopter, a mobility-related venture company. Net profit increased JPY 8.7 billion - JPY 77.9 billion, reaching a new high. Next, on the balance sheet on page 19. Total assets increased JPY 95.1 billion, partially due to weaker yen, and so the underlying increase was JPY 52.1 billion. Since most of the interest-bearing debt is long-term financing, the strong cash flow has led to the increase in cash and deposits. Inventories increased by JPY 11.4 billion, out of which JPY 7.7 billion in non-housing related business was due to an increase in overseas inventories triggered by the weaker yen. Therefore, the inventory level was essentially flat over last year.
Investment securities decreased by JPY 41.7 billion due to sales, but was offset by JPY 34.1 billion because of the rise in the market value. Page 20, please. Net interest-bearing debt decreased JPY 37.2 billion, which turned the company to be virtually debt-free. Most of that was due to an increase in cash on hand. Retained earnings were up due to net income and down due to shareholder returns. We conducted share buyback of 8 million shares and retired the same share counts during the year. The increase in the market value of stock holdings and the depreciation of the yen had the effect of increasing net assets and unrealized gains on marketable securities and foreign currency translation adjustments. ROIC, ROE, equity to asset ratio, and debt to equity ratio are indicated on the table.
Although net profit increased significantly, ROE only improved by a mere 0.4% due to the impact of the higher shareholder equity base, resulting from investment securities and foreign currency translation, as just mentioned. Next is the consolidated cash flow on page 21. Cash flow from operating activity was JPY 106.6 billion, a JPY 35.1 billion improvement from the previous year. On top of the improved profits, a decrease in tax payments and improved working capital requirement contributed. Lower tax payment was due to higher than normal tax payments in FY 2022, mainly due to the sale of investment securities in FY 2021. For the cash flow from investing activities, while CapEx spending increased by JPY 4 billion year-on-year, cash inflow of JPY 38.1 billion from the sales of investment securities and other activities contributed to a significant improvement.
Free cash flow, including dividend payments, was a net cash inflow of JPY 59 billion, and net cash outflow of JPY 16.2 billion yen was booked for share repurchases, resulting in an increase in cash on hand. Depreciation and amortization, CapEx, and EBITDA by segment are shown on page 22. Depreciation and CapEx are rising, with capital expenditures of about 1.2 times the year end date this fiscal year. EBITDA, a pool of fund for these spendings, increased by JPY 5 billion yen and reached a new record high. Plan for depreciation, CapEx, and operating expenses is shown on page 23. We intend to increase capital expenditures in FY 2024 for capacity expansion and DX-related investments. That will be all from me. Thank you very much for your attention.
I am Shimizu of High Performance Plastics Company. Thank you for this opportunity. Page 25 shows performance trends. In FY 2023, demand, mainly in mobility, increased, and the sales of high-performance products grew. Both net sales and operating profit increased substantially at JPY 412.9 billion and JPY 50.9 billion, respectively, a record profit for the first time in six years. In FY 2024, driven by continued mobility growth and a recovery of semiconductor and electronics-related demand, we plan for net sales of JPY 452.5 billion and operating profit of JPY 56.7 billion, an increase of JPY 5.8 billion in profit year-on-year, aiming for two consecutive years of record profit. Page 26 shows FY 2023 results analysis.
The bar graph in the left shows net sales increase of JPY 16.5 billion year-on-year to JPY 412.9 billion in FY 2023. Analysis of operating profit is shown in the right. It increased substantially by JPY 10.8 billion from the previous year. Although demand in the industrial field remains sluggish, an increase in net sales volume and product, product mix, mainly in the mobility field, margin increase and foreign exchange gains contributed to the results. As per the table at the bottom, sales volumes and the product mix of mobility and electronics turned around in the second half, resulting in a significant operating profit increase.
Regarding the difference from January forecast in the top table, sales volumes and product mix came down significantly due to the shipping restriction by force majeure of European interlayer film raw material manufacturer, and mobility volume reduction associated with sluggish aircraft demand in the US, as well as sales decline in industrial field on the back of a sustained low demand for construction and consumer goods in Europe, in the US and Japan. We tried to recover through cost reduction and fixed cost reduction, but finished JPY 0.6 billion short of January forecast. Next, overview of FY 2024 plan on page 27.
As shown in the left bar graph, we anticipate a strong mobility market and a recovery in semiconductor and electronics market, and a plan for net sales of JPY 452.5 billion, an increase of JPY 39.6 billion from the previous year. Regarding the analysis of operating profit in the right, while fixed cost is to increase due to future growth preparation, strengthening of business foundation, and human capital investment, we would like to increase industrial net sales with assumptions of an increase in sales volume and product mix of both electronics and mobility fields through sales expansion of non-LCD products and high-performance interlayer film, as well as certain market recovery in Europe, the US and Japan in the second half and beyond.
We plan a JPY 5.8 billion increase in operating profit, including Forex gains and two consecutive years of record profit. Page 28 is the last page for HPP, illustrating net sales trends and KPIs in the three strategic fields. Firstly, the electronics in the top left. Our sales plan factored in more or less the same level of smartphone market for FY 2024 and moderate semiconductor market recovery as in FY 2023. As shown in the left bottom graph, we will focus on non-LCD product sales expansion, share increase in the new acquisitions centered around semiconductor process materials and semiconductor use, MLCC, binder resins, and so on. In addition, electronics field has seen gradually recovering after the trough in Q4 FY 2022. Its profit started to increase since Q2 FY 2023.
We plan its net sales as well as operating profit increase again in FY 2024. Next, mobility in the middle. We expect continued sales growth of high-performance interlayer films, mainly on HUDs. Interlayer films for HUDs in FY 2023 grew 30%. We expect more than 10% growth in FY 2024. Heat release materials, we struggled a little in FY 2023 due to EV demand slowdown, but in FY 2024, we will not only focus on EV application, but also on electrical equipment application, because such demand is on the increase associated with autonomous driving. Sekisui Aerospace struggled again in Q4 FY 2023 due to production suspension pertaining to major U.S. aircraft manufacturer's quality issues. It plans for posting profit with a certain demand recovery and selling price improvement in FY 2024.
The bottom graph in the middle is high-performance interlayer film sales growth. It grew faster than the market in FY 2023. Because of commoditization of sound insulation film, we would like to index new interlayer films for HUD with heat shielding and color design functions as NHPP. NHPP is generating around 30%-40% of profit in the mobility field. Additionally, not written in the slide, but much of the sales and operating profit increase and of overall full-year profit increase of JPY 10.8 billion in FY 2023 is generated by mobility. We plan for continued net sales and profit growth in FY 2024.
Lastly, the industrial field in the top right. Since the second half of FY 2022, demand for construction and consumer goods in Europe, the US and Japan remains sluggish, and we project such trends to continue in the first half of FY 2024. For the second half of FY 2024, we plan net sales increase with a projection of a certain market recovery and operating profit increase through selling price improvement, with higher input costs and labor costs, and through fixed cost control.
Regarding the bottom graph, sales of labor-saving, environmentally friendly products, such as insulation materials, long Kraft tape for packaging machines, and blow-molded products, had downtrend until the first half of FY 2023. It turned around in the second half of FY 2023, growing positively year-on-year. We will continue to expand the sales in FY 2024. Additionally, net sales and operating profit of the industrial field declined in FY 2023, but the profit turned around in Q4 FY 2023, however slightly. We plan for net sales growth and several hundred million JPY of operating profit growth in FY 2024. This completes my explanation. With JPY 56.7 billion of operating profit and 2 consecutive years of record profit, we'd like to drive the overall company for performance in FY 2024. Thank you very much.
My name is Masahide Yoshida, and I have been appointed as the president of the Housing Company effective January this year. Now, let me go over the business updates on the Housing Company. Slide 30 shows the performance trends. In FY 2023, both sales and profits declined due to the prolonged slump in the market for new housing and the impact of rising component costs. Yet, OP exceeded the general outlook, owing to reduction in fixed costs. For FY 2024, based on our assumption that the new housing market will gradually recover, we plan to increase both sales and profit, with measures to enhance profitability and growth in the renovation and other businesses. At page 31 is the FY 2023 results analysis.
As shown by the graph at lower left, net sales increased in the renovation business, thanks to measures including the reinforcement of personnel structure, while sales decreased in the housing business due to the sluggish market. Overall, net sales were down by JPY 7.7 billion. On the right is the analysis of OP. For the housing business, despite a significant drop in the number of houses sold and soaring component costs, the company worked to mitigate the profit decline by improving the sales mix in CR and cutting fixed costs. The measures to enhance profitability are delivering positive results, as shown by the change in the fixed costs for the housing business in the second half. The renovation business achieved a JPY 200 million profit growth on the back of successful efforts to capture demand by strengthening the headcount structure.
The other businesses also achieved profit improvement, resulting in an overall OP of JPY 27.7 billion, JPY 0.7 billion higher than the January outlook. Page 32. Next, this is the plan for FY 2024. The bars on the left shows that we are projecting a flat sales in the housing business, with the lower unit sold being offset by higher unit prices. In the renovation and other businesses, we expect sales to continue to increase, and for the whole housing company, we expect net sales to go up by JPY 6.3 billion year-on-year to JPY 536 billion. As shown on the right, the company OP is expected to grow by JPY 2.3 billion -J PY 30 billion, with each sub-segment expected to grow.
In the housing business, the plan calls for an OP growth of JPY 1.5 billion year-on-year, as the negative impact of JPY 1.4 billion, with 130 less houses to be delivered, will be offset by fixed cost savings, owing to measures to strengthen profitability, as well as by sales mix and CR activities. In the renovation business, we plan to increase orders and continue to grow profits by further augmenting the personnel structure. Slide 33. Here, I would like to add a few words on the status of each business segment. For FY 2023, new housing orders, indicated at top left, slightly exceeded the January forecast, and in the second half, we secured 100% of the previous year's orders in value.
In FY 2024, we expect a gradual market recovery and target to grow the new housing unit order by 1% in the first half and by 3% in the second half. The table in the middle illustrates orders by type of construction. Apartment building kept a good pace versus the previous year in FY 2023, contributing to a rise in the unit price. In FY 2024, we'll continue to focus on expanding sales of apartment buildings, and in conjunction with area-specific product strategies, we'll strive to increase orders. On the right is the renovation business, which enjoyed steady order growth in FY 2023. For FY 2024, we'll continue to raise the skill sets of the workforce and focus on large-scale projects, proposing thermal insulation renovations and also on external sales to achieve further growth.
In the town and community development business shown at bottom left, sales temporarily dipped in FY 2023, but we plan to launch many new projects in FY 2024 and expect a record high net sales. Last but not least, measures to strengthen profitability. In FY 2023, we made steady progress, mainly in reducing fixed costs, by optimizing the production system and shifting personnel to growth areas. In FY 2024, in addition to further fixed cost reduction, we intend to achieve solid results in terms of marginal profit by strategically introducing products and other measures. This will conclude my presentation on the Housing Company. Thank you very much.
I am Hirai of Urban Infrastructure and Environmental Products Company. Allow me to present the UIEP. I will explain performance trends on page 35. In FY 2023, we posted net sales of JPY 234.8 billion, operating profit of JPY 22.1 billion, and OP margin of 9.4%. Despite the decrease in housing demand and the stagnant construction market conditions, with strong focus on securing margins and the sales expansion of prioritized products, we increased both net sales and operating profit and achieved two consecutive years of full-year record profit. In FY 2024, while market conditions are expected to remain stagnant in the first half, we project a moderate recovery from the second half.
We will focus on sales expansion of prioritized products, overseas sales increase, and the selling price improvement, and aim at three consecutive years of record profit, with net sales of JPY 245.4 billion, operating profit of JPY 24 billion, and OP margin of 9.8%. Next, page 36 shows FY 2023 results analysis. Net sales in the left were JPY 234.8 billion, an increase of only JPY 0.5 billion year-on-year, but still net sales grew. In Japan, despite sluggish market conditions, we saw sales increase of prioritized products, mainly polyethylene pipes for water supply, construction, and plant applications, as well as fire-resistant materials and so on. Overseas, demand for CPVC was sluggish, especially in India, but pipeline renewal business grew by winning new projects and through other efforts.
Turning to the right for analysis of operating profit. With a strong focus on securing margins, profit grew by JPY 0.9 billion year-on-year to JPY 22.1 billion, but it finished short of our January forecast. This was due to a larger than expected decline in volume in Q4, due to a weaker than expected market conditions, particularly for detached houses, which couldn't be fully offset despite our efforts to curb fixed costs. Page 37 shows overview of FY 2024 plan. Net sales on the left-hand side is planned at JPY 245.4 billion, an increase of JPY 10.6 billion from the previous year. If we achieve this, it will be our record net sales, exceeding the previous record of JPY 240.3 billion in FY 2016.
In Japan, we will focus on expanding sales of prioritized products centered on polyethylene pipes and fire-resistant materials, and we also continue to improve selling prices to hedge against the recent increase in total business-related costs, such as high raw material costs and the rising logistics costs. Overseas, we will focus on expanding CPVC sales areas, sales expansion of pipeline renewal business in Asia and in North America, and a stable operation at FFU factory in Europe. As shown on the right, we plan operating profit of JPY 24 billion, an increase of JPY 1.9 billion from the previous year. I just described, we plan to earn JPY 2.5 billion from the sales volume increase of prioritized products in overseas, and JPY 3.4 billion from selling price improvement to cover the increase in raw material costs and fixed costs.
Lastly, I will explain three strategic views on page 38. Pipe system in the top left is planned for net sales increase in both the first and second halves of FY 2024. Regarding housing and the non-residential markets in Japan, we view markets to recover moderately from the second half, and we'll focus on expanding sales of prioritized products and improving selling prices to counter increased cost. Regarding the plant market, we expect the market, mainly semiconductor-related market, to recover from the second half, and we will focus on our sales activities to win project. Next, regarding building and infrastructure composite materials. In the first half, FY 2024 net sales is forecast to decline slightly, but with an increase in the second half, net sales is to increase on a full year basis.
By further developing the market for fire-resistant and non-inflammable materials, and with a stable FFU factory operation in Europe, which started production last year, we aim to expand the adoption of railway sleeper application overseas. Regarding building materials in the Sekisui Home Techno, given the sluggish market, we will focus on expanding sales of prioritized products, such as high flow rate draining systems and nursing care products. Infrastructure renovation, shown in the bottom, is planned for a net sales increase both in the first and the second half of FY 2024. For pipeline renewal, demand trend in Japan is stable, and we will continue our focus on cultivating new customers overseas. For aqua system, we will focus on expanding sales of prioritized products, such as functional panel tanks.
Regarding the growth areas in the bottom, our plan to grow ratio of prioritized products in net sales and in domestic sales to increase both in the first half and the second half, compared against the period a year before, respectively. We will accelerate product production promotion activities that contribute to solving social issues, such as labor shortages and countermeasures against flooding. Regarding sales by overseas region, we plan to increase sales in all areas in FY 2024. Sales in Asia will be driven by CPVC, Europe by FFU, and North America mainly by pipe renewal. Sales of growth-driving businesses are as stated. That concludes my explanation. Thank you very much.
I am Takahashi from Sekisui Medical. I would like to start with the performance trends on page 40. Earnings in the medical business have been steadily expanding since FY 2021, and last fiscal year, OP marked JPY 12.5 billion, which was our target under the previous midterm plan. The plan in FY 2023 called for growth in both sales and profits. In Japan, we steadily captured the increasing demand for testing, especially for infectious diseases, and sold new pharmaceutical ingredients in the pharmaceutical sciences business. Partially boosted by the FX, sales reached a new record high at JPY 92.6 billion, yet OP was down JPY 11 billion year-on-year due to sales drop for the COVID testing kit in the U.S.
For FY 2024, we will focus on expanding sales of blood coagulation devices and reagents in Japan and China, in addition to capturing testing demand in Japan and overseas. In the US, we'll also focus on expanding sales of a new combo kit for flu and COVID testing kit, and aim to exceed JPY 100 billion in sales for the first time as medical business to achieve new record highs, JPY 103.8 billion in sales and JPY 12.6 billion in OP. Next on page 41 is the results analysis for FY 2023. As indicated on the left, sales marked JPY 92.6 billion, up JPY 2.9 billion year-on-year. Based on the figures in parentheses, which excludes sales of flu and COVID diagnostic kits, the other businesses grew by JPY 3 billion.
However, OP was down by JPY 1.6 billion - JPY 11 billion. In the diagnostics business, we captured the testing demand in Japan, mainly for infectious diseases, increased sales of blood coagulation reagents in China, and in for the pharmaceutical sciences business, contract manufacturing of pharmaceutical ingredients grew. However, revenue in the US were significantly hit by sales drop of COVID testing kits, and fixed costs increased given the front-loaded investment in R&D and human capital. In sum, sales were up and profits were down year-on-year, also falling short of the January outlook. I will now turn to page 42 for an overview of the FY 2024 plan. Net sales are projected at JPY 103.8 billion, up JPY 11.2 billion year-on-year.
Excluding the flu and COVID testing kits, sales are expected to increase by JPY 5.8 billion and OP by JPY 1.6 billion - JPY 12.6 billion. In FY 2024, we'll continue to steadily capture domestic demand for testing and overseas. In addition to expanding sales of blood coagulation devices and reagents in China, we'll focus on new product sales, a combo kit for flu and COVID testing, in the United States. In the pharmaceutical sciences business, we'll continue to focus on sustaining new orders and aim for a new record high for OP. The last page, page 43, shows the status of each business sub-segment. In FY 2023, as shown at top left, domestic diagnostics demand remained strong, particularly for infectious diseases.
In FY 2024, we'll continue to capture the testing demand and particularly focus on expanding sales of immunology reagents and blood coagulation devices and reagents. For the overseas diagnostics business at upper right, in FY 2023, sales were up thanks to firm sales of blood coagulation devices and reagents in China, as well as FX, despite the sales decline of COVID test kits in the US. In FY 2024, we'll focus on expanding sales of new products in the US, while continuing to grow sales of blood coagulation testing devices and reagents in China. In other Asian countries, we will continue to expand sales of reagents in Southeast Asia, leveraging on Veredus Laboratories based in Singapore.
In pharmaceutical sciences, at bottom left, sales of new pharmaceutical ingredients remained strong in FY 2023, and we intend to acquire new orders in FY 2024. The bottom right shows the sales trend of infectious disease testing kits. Last fiscal year, our leading distributor was hit by a cyberattack, which hampered delivery and sales promotion, and shipment of flu testing kit was especially hit. The issue has already been resolved, so we will continue our efforts to exploit the demand for testing kits in FY 2024. That would be all regarding the medical business. Thank you very much.