The Ledger ResearchPrivate

The Front Office

Scouting report · 2924.T

Munenori Fujii

  • Representative Director & President (代表取締役社長), 2924.T since 2014-06src

Founder's son; President & Representative Director of Ifuji Sangyo since June 2014

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—no promises on the record yet
Answers the question—no call reviewed yet
Capital allocation—company not reviewed yet
Pay design—no proxy read yet
Skin in the game—no holding or price on file
In the role
12 yr
Promises scored
0
Hit rate
—
Dodges / 100 answers
—
Airtime on calls
—
Every promise, oldest firstno scored promises yet

What to weigh

Watch 4

  • His own shareholding per the yuho fell from 1.25m shares (March 2014) and 1.19m (March 2021) to 210k (March 2022), then from 230k (March 2024) to 63,800 (March 2025); 71,900 (0.868%) at March 2026. Where the shares went was not located in any source searchedsrc
  • A third-party summary still credits him with a 14.47% direct stake, which matches his pre-2022 holding, not the 0.868% the latest yuho states; family or holding-company ownership was not checkedsrc
  • Family succession: the founder's son has been president for twelve years, and he also heads the main subsidiarysrc
  • Operating cash flow fell from ¥4.03bn to ¥1.17bn in the year to March 2026 while capex was ¥1.96bn, and net income slipped 4.7% on 27% higher revenuesrc

In their favour 1

  • Net assets rose from ¥9.69bn to ¥12.62bn over the three years to March 2026 with an equity ratio near 67%src

Career

  1. 2024-07 – now
    HORIZON FARMSsrc
    Director (取締役), concurrent
  2. 2022-02 – now
    Nihon Kako Shokuhin (日本化工食品, subsidiary)src
    Representative Director & President, concurrent (second term)
  3. 2014-06 – now
    Ifuji Sangyosrc
    Representative Director & President
    Succeeded his father, founder Tokuo Fujii, who became chairman (WS-fk)
  4. 2011-06 – 2014-06
    Ifuji Sangyosrc
    Senior Managing Director, in charge of the Corporate Planning Office
  5. 2009-11 – 2014-06
    Ifuji Sangyosrc
    Senior Managing Director (専務取締役); also Representative Director & President of Nihon Kako Shokuhin from 2009-11
    The yuho gives no end date for the first subsidiary presidency; he took it again from 2022-02
  6. 2008-03 – 2009-11
    Ifuji Sangyosrc
    Managing Director (常務取締役)
  7. 2007-06 – 2008-03
    Ifuji Sangyosrc
    Director
  8. 2006-03 – 2007-06
    Ifuji Sangyosrc
    Deputy General Manager, Kanto Division
  9. 2003-03 – 2006-03
    Ifuji Sangyosrc
    Deputy Manager, Nagoya Division
  10. 1999-04 – 2003-03
    Ifuji Sangyosrc
    Joined the company

Achievements

  • Has run the company since June 2014 after joining it in 1999; a director since 2007src
  • Consolidated revenue rose from ¥24.5bn (year to March 2024) to ¥32.6bn (year to March 2026); net income ¥1.60bn, ¥2.10bn and ¥2.00bn over the same three yearssrc
  • Also heads the subsidiary Nihon Kako Shokuhin again since 2022 and joined the board of HORIZON FARMS in July 2024src
  • Dividend per share rose from ¥48 to ¥66 to ¥67 over the three years to March 2026; EDINET DB counts eight consecutive years of increasessrc

Education

  • University of Kitakyushu (北九州市立大学), Bachelor Commercesrc

Background

  • Family Second son of Tokuo Fujii, who founded Ifuji Sangyo and handed him the presidency in 2014src
  • Founder Dynastic succession: the founder Tokuo Fujii stayed on the board as a director through the yuho for the year to March 2022 and is absent from the March 2023 listsrc

The promise ledger

No promise on the record yet: the research routine has not scored this company's guidance.

Sources

6
  1. Web search result IRBANK 'イフジ産業（2924）の役員一覧 - 藤井宗徳', copying the 略歴 and shareholdings from the yuho for the 54th term (FY 2025-04-01 to 2026-03-31) and each yuho back to FY ended 2014-03; page fetched directly · 2026-09-24
  2. Web search result IRBANK 'イフジ産業（2924）の役員一覧', copying each yuho's 役員の状況 (officer list, titles, shares held) for the years labelled 2014-03 to 2026-03; page fetched directly · 2026-09-24
  3. Web search result WebSearch: ふくおか経済 '社長に次男の藤井宗徳専務が昇格 イフジ産業 創業者の藤井社長は取締役会長に' (summary: board meeting of May 1 chose the founder's second son, Senior Managing Director Munenori Fujii, as president; founder Tokuo Fujii becomes chairman; Fujii graduated from the University of Kitakyushu, Faculty of Commerce, joined in 1999). Page not fetched · 2026-09-24
  4. Web search result WebSearch: 'Munenori Fujii' Ifuji Sangyo (Simply Wall St management summary: CEO since June 2014, 'directly owns 14.47% of the company's shares'). Page not fetched; figure date unknown · 2026-09-24
  5. Data connector EDINET DB get_director_compensation(edinet_code=E00511, fiscal_year=2025): yuho 役員の報酬等 for the year ended 2025-03-31, category totals only; officersOver100mByYear 2025 count 0 · 2026-09-24
  6. Data connector EDINET DB get_financials(edinet_code=E00511, years=3): years ended 2024-03 (S100TM28), 2025-03 (S100VXIA) and 2026-03 (yuho S100Y9CI, submitted 2026-06-26), JP GAAP consolidated · 2026-09-24