TOA (1885) Q2 2024 earnings summary

Executive summary

• First-half orders received, net sales, gross profit, operating income and attributable net income reached cumulative-period records.

• Results strengthened on higher domestic civil engineering and building sales, including contributions from high-margin projects.

Financial highlights

• First-half net sales were ¥130,185 million, up 38.3% YoY; gross profit was ¥13,538 million, up 122.2%.

• Operating profit was ¥7,482 million versus ¥0.5bn; ordinary profit was ¥7,176 million versus ¥806 million.

• Net income attributable to owners of parent was ¥4,497 million versus ¥0.5bn; basic EPS was ¥212.70 versus ¥24.72.

Outlook and guidance

• FY2024 orders received forecast rose to ¥280bn from ¥250bn, and net sales forecast to ¥260bn from ¥253bn.

• Operating profit forecast increased to ¥12.2bn from ¥9.7bn, ordinary profit to ¥11.7bn from ¥9.5bn, and attributable net income to ¥7.4bn from ¥6.6bn.

• Annual dividend forecast rose to ¥110 per share from ¥100; higher operating guidance reflects first-half high-margin projects and expected H2 progress, while ordinary profit also factors in higher FX gains.