Japan Airport Terminal (9706) Q4 2024 earnings summary

Executive summary

• FY2023 returned to profitability after four years: revenue rose 92.5% to ¥217,578 million, while operating and ordinary income reached record highs.

• Passenger recovery, led by inbound travel, lifted revenue across all segments; FY2024 revenue is forecast to grow as higher operating costs weigh on profit.

Financial highlights

• FY2023 operating income was ¥29,527 million versus a ¥10,579 million loss; ordinary income was ¥27,225 million versus a ¥12,064 million loss.

• Net income attributable to owners was ¥19,255 million versus a ¥3,901 million loss; EBITDA was ¥57.6 billion versus ¥18.3 billion.

• Gross profit increased to ¥144,704 million from ¥83,964 million; SG&A rose to ¥115,176 million from ¥94,543 million.

• Annual dividend was ¥67 per share, including a ¥5 commemorative dividend; FY2024 dividend is forecast at ¥62 per share.

Outlook and guidance

• FY2024 forecast: revenue ¥253,800 million, up 16.6%; operating income ¥27,100 million, down 8.2%; ordinary income ¥24,300 million, down 10.7%; net income to owners ¥15,500 million, down 19.5%.

• FY2024 Haneda passenger forecast: domestic 65.64 million, up 7.4%; international 21.48 million, up 12.5%; total 87.12 million, up 8.6%.

• Higher outsourcing, repair, rent, materials and labor costs are expected to weigh on earnings; merchandise and food-and-beverage income are forecast to grow, while facilities management income declines.

• Revised FY2025 targets are revenue ¥270 billion, operating income ¥30 billion, ordinary income ¥27 billion and net income ¥16 billion; lower passenger assumptions and higher costs drove revisions.