2025年3月期第2四半期の連結業績は、売上高が14,385百万円（前年同期比14.3%減）、営業利益が1,231百万円（同37.4%減）、経常利益が1,178百万円（同44.1%減）、親会社株主に帰属する四半期純利益が1,302百万円（同15.1%減）となった。親会社株主に帰属する四半期純利益の減益幅が小さいのは、特別利益として投資有価証券売却益288百万円を計上したことによる。地域区分別売上高では、国内は国土強靭化加速化対策を背景に市場環境は堅調であったが、度重なる価格改定や建設業界における残業規制などから主要顧客である建機レンタル会社の投資抑制が続き前年同期比11.0%減となった。海外も同16.9%減であり、北米ではインフラ投資法を背景とした道路建設投資の拡大により最終需要は堅調であったが、金利の高止まりが続く中でディーラーの在庫調整が加速し同16.2%減となった。アジア向けも、インドネシアで大統領選挙等の影響もあり需要が低迷、さらにASEAN市場（主にタイ、ベトナム）でも需要が減速したことから同13.1%減となった。価格改定効果や輸送費の落ち着き、円安などにより売上総利益率は30.1%（前年同期は29.9%）と若干改善したものの、減収や販管費の増加（前年同期比1.7%増）により、営業利益は同37.4%減となった。■Summary
Sakai Heavy Industries Co., Ltd. <6358> is a manufacturer specializing in road construction machinery, including road rollers for road paving. The domestic market share exceeds 70%, and in recent years, the company has been focused on developing overseas markets, particularly in North America and Southeast Asia.
1. Overview of Results for the Second Quarter of the Fiscal Year Ending March 2025
For the second quarter of the fiscal year ending March 2025, the consolidated performance showed revenue of 14,385 million yen (a 14.3% decrease compared to the same period last year), operating profit of 1,231 million yen (a 37.4% decrease), recurring profit of 1,178 million yen (a 44.1% decrease), and quarterly net income attributable to the parent company's shareholders of 1,302 million yen (a 15.1% decrease). The smaller decline in quarterly net income attributable to the parent company's shareholders is due to a one-time gain from the sale of investment securities amounting to 288 million yen. In terms of revenue by region, the domestic market remained stable due to measures aimed at enhancing national resilience, but the continued investment suppression by major customers, rental companies for construction machinery, due to repeated price revisions and regulations on overtime in the construction industry led to an 11.0% decrease compared to the same period last year. Overseas revenue also decreased by 16.9%, although final demand in North America was solid due to expanding road construction investments driven by the Infrastructure Investment and Jobs Act. However, as high interest rates continued, dealer inventory adjustments accelerated, resulting in a 16.2% decrease. Demand for Asia was sluggish as well, particularly in Indonesia due to the impact of the presidential election, and also slowed in the ASEAN markets (mainly Thailand and Vietnam) leading to a 13.1% decrease. Although the gross profit margin slightly improved to 30.1% (from 29.9% in the same period last year) due to price revision effects, stable transportation costs, and a weaker yen, operating profit decreased by 37.4% due to revenue decline and increased selling, general, and administrative expenses (up 1.7% from the same period last year).
2. Performance Outlook for the Fiscal Year Ending March 2025
The consolidated performance for the fiscal year ending March 2025 is projected to show revenue of 27,200 million yen (a 17.6% decrease from the previous year), operating profit of 1,740 million yen (a 47.6% decrease), recurring profit of 1,700 million yen (a 48.9% decrease), and net income attributable to the parent company's shareholders of 1,700 million yen (a 30.3% decrease). This is a downward revision from the initial forecast (revenue of 33,000 million yen and operating profit of 2,730 million yen). The reason for this downward revision is that the performance in the first half was weaker than expected, and the outlook for the second half indicates continued adjustment phases in the global construction machinery market. The previous full-year performance forecast has been revised downwards (the exchange rates assumed for the second half are calculated at 140 yen to the US dollar).
3. Medium-term Growth Strategy
The company announced its "Medium-term Management Policy" in June 2021, with the final fiscal year being March 2026. The ultimate goal is to "enhance corporate value and shareholder value," and to achieve this, the company is promoting a "business growth strategy" and "efficient capital strategy." The quantitative targets aim for revenue of 30 billion yen, operating profit of 3.1 billion yen, and ROE of 8.0% in the fiscal year ending March 2026, while maintaining a stable dividend payout ratio of 50%. Both revenue and operating profit exceeded targets in the fiscal year ending March 2024, but due to expectations of revenue declines in the ongoing fiscal year ending March 2025, the numerical targets remain unchanged at this point. Regarding annual dividends, due to the downward revision of performance for the fiscal year ending March 2025, the forecasted ROE is expected to decrease to 5.8%, leading to a downward revision in the full-year dividend forecast to 103.0 yen (originally 107.5 yen). Although current performance is stagnating, the company is commendably showing a commitment to improving ROE through clear capital policies and has executed shareholder returns accordingly.
■Key Points
A leading manufacturer of road rollers with a long history, holding over 70% domestic Share. Aiming for growth through the expansion of Overseas Share.
For the second quarter of the fiscal year ending March 2025, operating profit decreased by 37.4% compared to the same period last year. Financial Estimates for the full year anticipate a 47.6% decrease compared to the previous period.
The medium-term financial targets (revenue of 30 billion yen and operating profit of 3.1 billion yen by March 2026) have been maintained.
(Written by Fisco Guest Analyst Noboru Terashima)
