Park24 Nine-Month Net Profit Jumps 265% After UK Restructuring, and the Dividend More Than Doubles

A profit number driven by tax, not by trading

PARK24 Co., Ltd. (TSE: 4666) published consolidated results for the nine months to July 31, 2026 on August 31, 2026 under Japanese GAAP. Net sales rose 2.7% to ¥304,049 million, operating profit 16.2% to ¥28,946 million, ordinary profit 20.0% to ¥26,726 million and net profit 265.1% to ¥36,354 million, for earnings per share of ¥212.97 against ¥58.35.

The bottom-line figure needs reading carefully. In the second quarter the group restructured its UK business and sold its Singapore business, booking an extraordinary loss of ¥12.6 billion. Against that it recorded a ¥31.8 billion income-tax adjustment credit, largely arising from the UK restructuring, which is why net profit exceeded ordinary profit by ¥9,628 million. Four subsidiaries left the consolidation: PARK24 INTERNATIONAL LIMITED, MEIF II CP Holdings 2 Limited, NATIONAL CAR PARKS LIMITED and TIMES24 SINGAPORE PTE. LTD.

That deconsolidation is also why group sales grew only 2.7% while both domestic segments grew at high single digits or better: overseas parking revenue fell 26.8% to ¥45,210 million, taking ¥16,594 million out of the top line. Excluding that segment, the two remaining businesses added ¥24,629 million between them.

Domestic parking and mobility both grew; overseas returned to profit

Parking Japan grew revenue 9.1% to ¥160,705 million but segment profit only 3.4% to ¥28,496 million. The company developed 1,291 new lots in the period, all cashless-payment-only as a matter of policy from this financial year, and is converting existing lots to its own Times Tower payment machines and licence-plate cameras. Times Parking sites reached 20,400 (+3.7%) and 749,771 spaces (+7.5%); including monthly and managed lots the group operated 27,668 sites and 917,152 spaces.

Mobility grew revenue 12.3% to ¥103,338 million and segment profit 14.3% to ¥10,375 million. Times Car dedicated vehicles rose 5,853 to 69,733, stations rose 4,426 to 30,499 and members rose 441,000 to 4,057,000. Membership is growing faster than the fleet — up 18.0% year on year against 12.9% for vehicles — so members per vehicle are improving; the company notes, however, that revenue per vehicle came in below plan, and that mobility service utilisation as a whole fell short of expectations while both parking segments beat them.

Parking Overseas returned to profit at ¥400 million against a ¥1,767 million loss, despite the sharply lower revenue base — goodwill amortisation within it fell to ¥760 million from ¥1,072 million. Australian occupancy came in below plan while other regions were broadly firm. The UK restructuring moved that business away from large, long-lease car parks toward the group's small, short-lease "Times Parking" format, the same "small, dispersed, dominant" strategy it uses at home.

Balance sheet, dividend and guidance

Total assets were near flat at ¥355,014 million, but net assets rose 20.0% to ¥117,826 million and the equity ratio improved to 33.2% from 27.7% — the clearest balance-sheet consequence of the year's disposals and the tax credit. The full-year dividend is set at ¥65.00 against ¥30.00, all payable at year-end, and is unrevised from the previous announcement.

Guidance for FY10/2026 is unchanged: net sales of ¥411,000 million (+1.2%), operating profit of ¥42,500 million (+13.1%), ordinary profit of ¥39,500 million (+15.6%) and net profit of ¥44,000 million (+176.4%), for earnings per share of ¥257.76. Nine months delivered 68.1% of the full-year operating-profit target on 74.0% of the sales target, so the final quarter is expected to carry a disproportionate share of the profit. Note that overseas subsidiaries are consolidated on a lagged calendar — their nine months run to June 30 rather than July 31.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.