Chugoku Marine Paints (4617) Q3 2025 earnings summary

Executive summary

• Net sales rose 11.5% year-over-year to ¥96,055 million for Q1–Q3 FY2024, driven by price optimization and a weak yen, especially in marine coatings.

• Operating profit increased 28.6% year-over-year to ¥11,643 million, supported by higher sales of high-value-added products and selling price revisions.

• Profit attributable to owners of parent surged 39.3% year-over-year to ¥10,691 million.

• Extraordinary gain of ¥2,492 million recorded from the sale of Shanghai No. 2 Factory/non-current assets.

Financial highlights

• Net sales: ¥96,055 million (+11.5% YoY); Operating profit: ¥11,643 million (+28.6% YoY); Gross margin: 32.5% (+2.5pt YoY).

• Profit attributable to owners of parent: ¥10,691 million (+39.3% YoY); EPS: ¥215.66 (up from ¥154.87 YoY).

• Equity ratio improved to 55.9% (up from 53.3% at end-FY2023); net assets: ¥83,484 million.

• Cash and cash equivalents at period end: ¥29,226 million, up from ¥28,494 million at previous year-end.

• Total assets increased to ¥140,046 million as of December 31, 2024.

Outlook and guidance

• Full-year FY2024 forecasts revised upward: net sales ¥130,000 million (+11.9% YoY), operating profit ¥15,600 million (+28.0% YoY), EPS ¥272.32 (+36.4% YoY).

• Profit attributable to owners of parent forecasted at ¥13,500 million (+36.5% YoY).

• Dividend forecast raised to ¥90 per share, reflecting higher profit projections.

• Sales projections increased for all regions, with marine coatings expected to see the largest growth.