Toho Gas Co (9533) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 FY2024 rose 2.5% year-over-year to ¥460.6 billion, but operating income fell 23.3% to ¥21.8 billion and net income attributable to owners declined 13.5% to ¥22.0 billion.

• Comprehensive income dropped 60.8% year-over-year to ¥16,132 million.

• Customer accounts increased across city gas, LPG, and electricity, with electricity customers up 9.9% year-over-year.

• Electricity sales volume grew 9.6% year-over-year, while city gas sales volume declined 1.4%.

Financial highlights

• Ordinary income decreased 16.6% year-over-year to ¥27.7 billion.

• Gross profit fell to ¥119,715 million from ¥125,278 million year-over-year.

• Net income per share was ¥216.06, down from ¥242.31 in the prior year period.

• CAPEX for Q3 FY2024 was ¥40.3 billion, up ¥9.3 billion year-over-year.

• Total assets increased to ¥741,074 million from ¥734,524 million as of March 31, 2024.

Outlook and guidance

• FY2024 net sales forecast is ¥640.0 billion, up 1.1% from FY2023, with operating income expected to fall 22.6% to ¥26.0 billion.

• Net income attributable to owners forecast at ¥25.0 billion, down 8.4% year-over-year.

• Dividend forecast raised to ¥80.00 per share for FY2024, up from ¥70.00 in FY2023.

• Electricity sales volume projected to rise 7.8% year-over-year, while city gas sales volume is expected to be nearly flat.

• CAPEX for FY2024 forecast at ¥68.0 billion, a 36.6% increase from FY2023.