Central Glass (4044) Q4 2024 earnings summary

Executive summary

• FY2024 net sales were ¥144.233bn, down 10.0% YoY, and operating profit fell 26.8% to ¥10.629bn; weaker electrolyte, medical-chemical and construction-glass sales and high glass input costs weighed on results.

• FY2025 forecast: net sales ¥145.0bn, operating profit ¥7.5bn and profit attributable to owners ¥5.5bn; annual dividend planned at ¥170/share.

Financial highlights

• FY2024 ordinary profit was ¥12.164bn, down 25.2% YoY; profit attributable to owners fell 54.5% to ¥5.678bn and comprehensive income declined 51.7% to ¥7.512bn.

• Gross profit declined to ¥39.358bn from ¥42.356bn; basic EPS fell to ¥229.14 from ¥503.55.

• Versus February forecast, net sales were ¥144.2bn vs ¥145.0bn, operating profit ¥10.6bn vs ¥10.5bn and net income ¥5.7bn vs ¥6.5bn; net income was affected by a partial deferred-tax-asset reversal.

• Operating cash flow was ¥23.587bn, investing cash flow −¥4.244bn and financing cash flow −¥17.567bn; year-end cash and equivalents were ¥22.040bn.

Outlook and guidance

• FY2025 forecast: net sales ¥145.0bn, operating profit ¥7.5bn, ordinary profit ¥8.0bn and profit attributable to owners ¥5.5bn.

• FY2025 R&D forecast is ¥8.0bn; assumptions include ¥140/US$ exchange rate and $72.4/bbl CIF crude oil.

• VISION 2030 targets operating profit of ¥20bn and ROE of at least 10%; FY2027 Phase 1 targets operating profit of ¥15bn and ROE of 8.7%.