Results of Operations for the Fiscal Year Ended March 31, 2025 (FY3/25)
May 21, 2025
MEISEI INDUSTRIAL CO., LTD.
TSE Prime 1976
Results of Operations for the Fiscal Year Ended March 31, 2025 (FY3/25)
- Summary of the FY3/25 Results of Operations
- Progress of the Medium-term Management Plan 2024-2026
- FY3/26 Forecast
2
Summary of the FY3/25 Results of Operation
Results of Operations
In the construction business, maintenance and large-scale construction projects performed well. Record-high results for 2 consecutive years.
【Indicators】 ROE: 12.8%; PBR: 0.9 times; PER: 7.4 times; Net income per share: ¥174.68
FY3/24
Results
FY3/25
Forecast*1 Results
(Millions of yen)
% Change
YoY Vs. forecast
Net sales
60,377
58,000
66,283
+9.8%
+14.3%
Gross profit
12,826
12,200
15,739
+22.7%
+29.0%
Operating profit
8,061
7,200
10,613
+31.7%
+47.5%
Ordinary profit
8,548
7,450
11,235
+31.4%
+50.8%
Profit attributable
owners of parent
6,243
5,200
8,454
+35.4%
+62.6%
Orders
57,955
60,000
62,271
+7.4%
+3.8%
Balance of order
23,260
25,260
19,249
(17.2)%
(23.8)%
*1 Announced on M
ay 10, 2024
3
1. Summary of the FY3/25 Results of Operations
Business Segment Results (Construction Business)
An increase in maintenance work due to the large-scale (major) periodical repair work in
Japan, and a steady increase in large-scale construction in Japan and overseas. Revenue and
profit increased due to an improvement in the balance of completed construction work.
Japan
Overseas
Net sales Operating profit
39,873
3,763
43,637
43,618
46,953
5,713
52,642
6,495
6,302
49,331
53,449
58,944
（Millions of yen）
60,000
50,000
40,000
30,000
20,000
10,000
0
FY3/22 FY3/23 FY3/24 FY3/25
（Millions of yen）
10,102
12,000
7,622
6,214
4,961
9,000
6,000
3,000
0
FY3/22 FY3/23 FY3/24 FY3/25
Orders Balance of order
5,244
18,418
2,148
3,684
16,198
2,028
12,776
14,608
16,270
14,169
16,461
19,852
（Millions of yen）
（Millions
60,000
50,000
40,000
30,000
20,000
10,000
0
20,000
of yen）
52,722
47,901
52,015
3,400
56,778
6,236
5,027
7,273
42,874
45,449
48,615
50,542
16,000
12,000
8,000
4,000
0
1. Summary of the FY3/25 Results of Operations
Business Segment Results (Boiler Business)
Sales and profit increased due to strong performance in both large-scale domestic projects and maintenance work orders received in the previous fiscal year.
Japan
Overseas
Net sales
Operating profit
227
4,751
81
4,670
6,559
57
75
7,264
6,927
7,338
6,501
6,700
（Millions of yen）
8,000
（Millions of yen）
800
6,000
4,000
600
499
367
429
609
400
2,000
200
0
FY3/22 FY3/23 FY3/24 FY3/25
0
FY3/22 FY3/23 FY3/24 FY3/25
7,486
Orders Balance of order
（Millions of yen）
261
5,939
100
63
5,493
17
5,918
7,225
5,876
5,476
6,019
8,000
6,000
4,000
（Millions of yen）
8,000
5,829
4,902
25
229
4,841
65
2,996
6
4,876
5,600
4,776
2,990
6,000
4,000
2,000
2,000
0
FY3/22 FY3/23 FY3/24 FY3/25
0
FY3/22 FY3/23 FY3/24 FY3/25
1. Summary of the FY3/25 Results of Operations
Financial Position
Current assets 69.1%, Non-current assets 30.9%
Liabilities Net assets Current liabilities 16.5%, Non-current liabilities 5.4%, Net assets 78.1%
【Indicators】 Net assets per share: ¥1,440.69
FY3/24 Results | FY3/25 Results | YoY change | Major components | ||
Current assets | 60,083 | 61,236 | 1,152 | （Increase）in cash and deposits、contract assets | |
Non-current assets | 24,348 | 27,347 | 2,999 | （Increase）in investment securities、 property, and equipment | |
Total assets | 84,432 | 88,583 | 4,151 | ||
Current liabilities | 16,956 | 14,631 | (2,324) | （Decrease）in contract liabilities | |
Non-current liabilities | 3,607 | 4,745 | 1,138 | （Increase）in deferred tax liabilities | |
Total liabilities | 20,564 | 19,377 | (1,186) | ||
Total net assets | 63,868 | 69,206 | 5,338 | （Increase）due to net profit （Decrease）due to dividends of surplus | |
Total liabilities and net assets | 84,432 | 88,583 | 4,151 |
(Millions of yen)
1. Summary of the FY3/25 Results of Operations
C/F
Increase in free C/F due to increase in profit before income taxes.
Decrease in financial C/F due to increase in dividend paid.
FY3/24 Results | FY3/25 Results | YoY change | Major components | ||
Operating activities activities C/F | 7,126 | 6,937 | (188) | （Increase）Profit before income taxes （Decrease）Income taxes paid | |
Investing activities activities C/F | (1,889) | (500) | 1,388 | （Increase） Sale of property, plant and equipment、 Proceeds from collection of loans receivable （Decrease）Purchase of property , plant and equipment | |
Free C/F | 5,236 | 6,436 | 1,200 | ||
Financing C/F | (3,088) | (4,692) | (1,603) | （Decrease）Dividends paid、Purchase of treasury shares | |
Cash and cash equivalents at end of period | 31,371 | 33,449 | 2,078 |
(Millions of yen)
Progress of the Medium-term Management Plan 2024-2026
Basic Policy and Key Measures
Basic Policy
Investments for rapid progress in the futureGrowth of corporate value backed by an even stronger business infrastructure due to reinforcement and change at current businesses and implementing strategies for sustained growth and by a commitment to sustainability management
Key Measures
Consistently make the profit structure stronger
・More initiatives for decarbonization
・Strengthen the foundation for existing businesses
・Maintain and improve the profitability of business operations
Strategy for sustainable growth
・Growth in other countries
・Add the new business domains following the thermal insulation business
・Use M&A
A stronger foundation for the
Meisei Group
・Recruit and train people
・More DX investments
・Strengthen governance
２. Progress of the Medium-term Management Plan 2024-2026
Topics in the FY3/25
Construction
Tangguh LNG Expansion Project in Indonesia Thermal insulation and scaffolding work completed
Boiler
Chubu Office / Kameyama Plant
completed ： May 2024
started operation ：December 2024
YOSHIMINE CO., LTD.
Chubu Office / Kameyama Plant
２. Progress of the Medium-term Management Plan 2024-2026
Numerical Management Targets
Achieved the target value in the first year of the medium-term management plan. Aiming to achieve the target value for FY3/27, we aim to strengthen our earnings base.
(Millions of yen)
Medium-term
Management Plan Results
Medium-term Management Plan
FY3/25 Targets | FY3/25 Results | FY3/27 Targets | |||
Net sales | 58,000 | 66,283 | 61,000 | ||
Operating profit | 7,200 | 10,613 | 8,400 | ||
Ordinary profit | 7,450 | 11,235 | 8,700 | ||
Profit attributable owners of parent | 5,200 | 8,454 | 6,250 | ||
Orders | 60,000 | 62,271 | 61,000 | ||
ROE | At least 8.0％ | 12.8% | At least 10.0％ |
FY3/26 Forecast
Forecast
Forecast net sales of 60,000 million yen, down 9.5% YoY, operating profit of 7,750 million yen, down 27.0% YoY, ordinary profit of 8,000 million yen, down 28.8% YoY, and profit of 6,200 million yen, down 26.7% YoY.
FY3/25 Results | |
Net sales | 66,283 |
Gross profit | 15,739 |
Operating profit | 10,613 |
Ordinary profit | 11,235 |
Profit attributable to owners of parent | 8,454 |
FY3/26 Forecast | YoY change |
60,000 | (6,283) |
12,800 | (2,939) |
7,750 | (2,863) |
8,000 | (3,235) |
6,200 | (2,254) |
(Millions of yen)
3. FY3/26 Forecast
Forecast by Business Segment
In the construction business, domestic maintenance decreased. Sales and profit are expected to decline partly due to increased costs.
In the boiler business, we expect an increase in orders. We expect a slight decrease in sales and profit in consideration of cost increases.
Net sales
Operating profit
FY3/25 Results | |
Construction | 58,944 |
Boiler | 7,338 |
Total | 66,283 |
FY3/26 Forecast | YoY change |
52,800 | (6,144) |
7,200 | (138) |
60,000 | (6,283) |
(Millions of yen)
Orders
FY3/25 Results | |
Construction | 56,778 |
Boiler | 5,493 |
Total | 62,271 |
FY3/26 Forecast | YoY change |
52,750 | (4,028) |
7,250 | 1,756 |
60,000 | (2,271) |
(Millions of yen)
(Millions of yen)
Balance of Order
FY3/25 Results | |
Construction | 10,102 |
Boiler | 499 |
Total | 10,613 |
FY3/26 Forecast | YoY change |
7,330 | (2,772) |
420 | (79) |
7,750 | (2,863) |
FY3/25 Results | |
Construction | 16,252 |
Boiler | 2,996 |
Total | 19,249 |
FY3/26 Forecast | YoY change |
16,202 | (50) |
3,046 | 50 |
19,249 | - |
(Millions of yen)
3. FY3/26 Forecast
Earnings Distributions
The plan for FY3/25 is to increase annual dividend by ¥5 to ¥60 per share (interim ¥21 and
year-end ¥39）
Forecast an annual dividend of ¥60 per share for FY3/26 (interim ¥20 and year-end ¥40)
【Change of Dividend Policy】 Clarifying our stance on stable dividends to shareholders
≪Before change≫ ≪After change≫
・20 yen per share ・With regard to dividends, the target is 4% or more of
・Dividend payout ratio of about 30% to 40% DOE (Dividend on Equity）
The basic policy will be the higher of the two ・Dividend payout ratio of about 30% to 40%
The basic policy is to comprehensively consider the above.
FY3/21 | FY3/22 | FY3/23 | FY3/24 | FY3/25 Plan | FY3/26 （Forecast） | |
Dividend per share(Yen) | 30 | 30 | 36 | 55* | 60 | 60 |
Payout ratio(%) | 33.4 | 40.2 | 38.3 | 43.6 | 34.3 | 46.1 |
Dividend on equity(%) | 2.9 | 2.8 | 3.1 | 4.4 | 4.4 | About 4.0 |
Stock repurchased (Millions of yen) | - | 1,053 | - | 1,199 | 1,650 | Not announced |
*includes a commemorative dividend of ¥7 for Meisei's
80th anniversary
Plans and other forward-looking statements contained in these materials are based on judgements and assumptions made using information currently available to the Company. The Company does not promise or guarantee the performance of the Group in the future.
Actual business and other results may differ from the forecasts due to various risk factors and uncertainties.
Inquiries
Finance Division, MEISEI INDUSTRIAL CO., LTD.
ADDRESS 1-8-5 Kyomachibori, Nishi-ku, Osaka 550-0003 Japan
TEL +81-6-6447-0275