INES (9742) Q4 2024 earnings summary

Executive summary

• FY2024 revenue was ¥40,557 million, down 4.4% YoY; operating income was ¥2,877 million and net income was ¥1,795 million.

• Revenue and ordinary income declined amid lower public and industrial sales, reduced replacement demand ahead of system standardization, and prior-year project wind-downs.

Financial highlights

• Revenue was ¥40,557 million, down ¥1,846 million YoY and 95.6% of the prior year; below the revised ¥41,500 million plan.

• Gross profit was ¥9,729 million, down from ¥10,097 million; gross margin rose to 24.0% from 23.8%.

• Operating income was ¥2,877 million, down ¥924 million YoY and 75.7% of plan; ordinary income was ¥2,732 million, down ¥1,149 million.

• Net income was ¥1,795 million, down from ¥2,541 million YoY, but above the revised ¥1,700 million plan.

Outlook and guidance

• FY2025 forecast: revenue ¥44.0 billion, operating income ¥4.0 billion, ordinary income ¥4.0 billion and net income ¥2.7 billion.

• FY2025 annual dividend forecast is ¥55 per share, up ¥5 YoY; the stated policy continues to emphasize total shareholder return ratio.