Japan-based Unicharm Petcare Corp. stock prices rose 5.5% after the petfood maker reported 27.4% growth in its operating profit for the year that ended in March, according to an article from Forbes .
The demand for the company's products increased with more people in Japan owning pets, causing Unicharm's operating profit to rise 6.6 billion yen (US$68 million) in 2008.
Unicharm expects its operating profit for this financial year to increase another 6.2%.
New shelter data casts doubt on whether the pet population and pet ownership are truly growing.
While the pandemic caused unprecedented suffering worldwide in 2020, the disruptions to dogs, cats and other pets adoption numbers may normalize in 2021.