Fuji P.S H1 Operating Profit Edges Up 5% as Better Margins Offset Delays; Civil Orders Jump 44% on Maglev and Expressway Work

Civil orders up, building margins up

FUJI P.S CORPORATION (TSE: 1848) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on November 10, 2026. Civil Engineering orders rose 43.5% to ¥8,409 million, including work on the Chuo Shinkansen maglev line ordered by the Japan Railway Construction, Transport and Technology Agency, superstructure work for the four-laning of the Shiida Road and repair work for West Nippon Expressway, and large contracts from Fukuoka prefecture. Civil sales fell 10.6% to ¥10,174 million and segment profit 11.9% to ¥1,823 million because of progress delays at a large project in which it participates as a joint-venture member.

Building Construction orders fell 36.2% to ¥3,640 million after a strong prior year, but segment profit rose 73.3% to ¥849 million as a profit-improvement project lifted margins on contracts. During the half the company completed the renovation of its Kyushu Kotake plant, aimed at better working conditions and productivity, and the plant is now in full operation. Ordinary profit rose 1.6% to ¥871 million and net profit attributable to owners 2.7% to ¥573 million. The equity ratio rose to 38.6%.

Guidance kept, dividend to rise

Fuji P.S kept its FY3/2027 forecast of net sales of ¥33,128 million (+2.8%), operating profit of ¥1,660 million (+4.5%), ordinary profit of ¥1,480 million and net profit attributable to owners of ¥1,010 million (+1.7%). It pays a year-end dividend only and plans ¥25, up from ¥22. The company is in the sixth year of its VISION2030 medium-term plan, whose interim goals were pushed back one year.

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