Ishihara Sangyo Kaisha (4028) Q4 2025 earnings summary

Executive summary

• FY2024 net sales increased by 4.9% year-over-year to ¥145.1B, but operating and ordinary profits declined due to weak titanium dioxide (TiO2) markets; net profit rose as prior-year impairment losses were absent.

• FY2025 is forecasted for higher revenue and profit, with inorganic chemicals returning to profitability and organic chemicals maintaining growth.

• Comprehensive income grew 6.9% year-over-year to ¥10,896 million.

Financial highlights

• FY2024 revenue: ¥145.1B (up ¥6.7B YoY); operating profit: ¥10.4B (down ¥1B YoY); ordinary profit: ¥11.3B (down ¥3.4B YoY); net profit: ¥8.4B (up ¥0.4B YoY).

• Dividend per share increased to ¥85 (up ¥15 YoY); FY2025 forecast: revenue ¥151B, operating profit ¥16.7B, net profit ¥10.3B.

• Gross profit increased to ¥39,531 million from ¥37,101 million year-over-year.

• Basic earnings per share rose to ¥219.98 from ¥209.27 year-over-year.

• Cash and cash equivalents at period end rose to ¥24,948 million from ¥19,982 million.

Outlook and guidance

• FY2025 expects increased sales in organic chemicals, especially herbicides in the Americas and insecticides in Asia.

• Inorganic chemicals to see profit improvement as TiO2 inventory adjustments end and high-value products expand.

• Dividend forecast raised to ¥100 per share (¥30 interim, ¥70 year-end).

• Full-year profit per share forecasted at ¥240.46.