Japanese recruitment firm DIP Corp. (TSE: 2379) reported a 9.9% rise in net income to Y10 billion ($92 million U.S.) for fiscal year 2020, which ended Feb. 29. The company said the growth was due to ongoing investments in advertising and sales.

Founded in 1997, Tokyo-based DIP Corp. draws a large amount of its income from its four job board holdings. It owns Japanese job board BaitoruNextBaitoru, a job board for part-timers, Hatarako for temp staff and Iryo-De-Hatarako.net, a job board for nurses.

In FY2020, sales increased 10.1% to Y46.4 billion. The company attributed this to favorable performance in job advertisement media of the personnel recruiting services business. Operating income rose 11.9% to Y14.3 billion and ordinary income increased 11.9% to Y14.3 billion.

Sales at its job marketplaces increased 10% to Y46.3 billion, while income grew 12.7% to Y18.8 billion. This was due to high growth of Baitoru and strong sales in regional and suburban areas.

The closure of part-time job site WebAn last August, which was operated by staffing firm Persol Holdings Limited, led to a 19.1% increase in job applications through Baitoru, including Baitoru Next.

“We undertook marketing activities through job advertising agencies during the fiscal year under review, aiming to encourage existing customers of WebAn service to switch over to our Baitoru service,” DIP said in its financials. “Meanwhile, we stepped up our efforts to expand our customer base by creating a list, by geographical region, of those customers known to use WebAn services and instructing our direct marketing sales personnel at the appropriate branch offices to contact them.”

DIP didn’t disclose its forecast for 2021, citing drastic changes in the business environment caused by the spread of Covid-19. However, it projected net income to fall 23% to Y2 billion for Q1 and sales are expected to slide 17.6% to Y9.9 billion.

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