West Holdings Corporation (1407) Q4 2024 earnings summary

Executive summary

• Revenue rose 15.2% year-over-year to ¥50,390 million, with operating profit up 24.7% to ¥10,597 million and net income attributable to shareholders up 12.3% to ¥6,757 million, all record highs.

• Strategic focus on non-FIT solar power and industrial solar EPC drove growth, while new initiatives in large-scale storage, next-gen solar cells, and wind power were launched.

Financial highlights

• Gross margin improved as operating profit margin increased to 21.0% from 19.4% year-over-year.

• Cash and equivalents at year-end decreased to ¥27,818 million from ¥46,263 million, mainly due to investment and financing outflows.

• Dividend per share increased to ¥65, with a payout ratio of 38.8%.

Outlook and guidance

• FY2025 guidance: revenue ¥56,418 million (+12.0%), operating profit ¥13,221 million (+24.8%), net income ¥8,010 million (+18.5%).

• Growth expected from high-voltage non-FIT solar, expanded energy management, and new storage projects.