JGC (1963) Q1 2025 earnings summary

Executive summary

• Net sales rose 14% year-over-year in 1Q FY2024 to ¥204.1B, driven by large-scale projects and a major new LNG contract in the UAE.

• Profit attributable to owners of parent increased 21% year-over-year to ¥12.3B, while operating profit declined 19% to ¥8.1B due to lower gross margins.

• Ordinary profit was stable at ¥17.6B, and comprehensive income surged 64.4% to ¥20.2B.

• 1Q results tracked ahead of plan for several key metrics, supporting solid progress toward full-year targets.

Financial highlights

• Net sales: ¥204.1B (+14% YoY); gross profit: ¥15.6B (−13% YoY); operating profit: ¥8.1B (−19% YoY).

• Ordinary profit: ¥17.6B (−1% YoY); profit attributable to owners: ¥12.3B (+21% YoY); EPS: ¥51.28 (vs. ¥42.60 YoY).

• Total assets increased to ¥827.8B as of June 30, 2024; equity ratio at 47.9%.

• Cash and deposits rose to ¥367.0B from ¥325.0B at the previous year-end.

Outlook and guidance

• Full-year forecast unchanged: net sales ¥830B, operating profit ¥26B, profit attributable to owners ¥23B, EPS ¥95.39.

• 1Q progress rates: new contracts 30%, net sales 25%, operating profit 31%, profit attributable to owners 53%.

• Annual dividend forecast at ¥40 per share.