AMIYA (4258) Q4 2024 earnings summary

Executive summary

• Achieved record revenue and profit growth, with revenue up 33.9% year-over-year to ¥4,767 million and operating profit up 44.8% year-over-year, driven by heightened demand for cybersecurity solutions and industry M&A activity.

• Net income increased 18.2% year-over-year, exceeding initial forecasts by 38%, reaching ¥384–385 million.

• Both Data Security and Network Security segments saw strong growth, with notable gains in subscription-based products and new service adoption.

• Data Security segment saw ARR up 181% over two years despite transition to subscription model.

• Contract liabilities rose 45.7% year-over-year, reflecting robust subscription prepayments.

Financial highlights

• FY2024 revenue: ¥4,767 million (+33.9% YoY); operating profit: ¥526 million (+44.8% YoY); net income: ¥384–385 million (+18.2% YoY); ordinary income: ¥542 million (+27.3% YoY).

• Operating margin: 11.0%; net margin: 8.1%; EPS: ¥93.38 (+16.2% YoY); ROE: 19.6%.

• Comprehensive income reached ¥394 million, up from ¥332 million the previous year.

• Cash and deposits at year-end: ¥3,567–3,579 million; total assets: ¥5,415 million (+43.4% YoY); net assets: ¥2,132 million (+19.4% YoY).

• SG&A expenses rose only 6.2% despite strong sales growth, aided by efficient sales channels and R&D cost control.

Outlook and guidance

• FY2025 revenue forecast: ¥5,750 million (+20.6% YoY); operating profit: ¥600 million (+14.0% YoY); ordinary income: ¥591 million (+9.2% YoY); net income: ¥425 million (+10.6% YoY); EPS: ¥103.26.

• Targeting 200% topline and operating profit growth by FY2025, driven by full transition to subscription model and expansion in cloud/AI security.

• Overseas expansion to accelerate from FY2025, leveraging strong domestic track record.

• Focus remains on expanding subscription revenue, enhancing product offerings, and pursuing M&A and partnerships.