Port works drive profit
TOA Corporation (TSE: 1885) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on November 10, 2026. Domestic Civil Engineering sales rose 8.4% to ¥75,105 million and segment profit 18.3% to ¥8,954 million, as large port projects carried over from last year progressed and their margins improved; non-consolidated civil orders rose 21.6% to ¥97,453 million on new port work, including defence-related projects, and design changes. Domestic Building sales fell 25.9% to ¥36,548 million after large warehouse and logistics projects a year earlier, but segment profit rose 16.5% to ¥4,637 million on better margins at the order stage.
Overseas sales rose 1.8% to ¥41,433 million as large port projects in Southeast Asia progressed, and segment profit rose 50.6% to ¥2,111 million on design-change settlements for completed works and the absence of last year's provision for construction losses. Non-consolidated building orders fell 45.2% and overseas orders 32.8%, as no large contracts had been planned for the first half. TOA is working towards targets of ¥500 billion in sales and ¥30 billion in operating profit for FY2035 under its 2026–2028 medium-term plan.
Forecast revised, dividend raised
TOA now expects FY3/2027 net sales of ¥355,000 million (-1.0%), operating profit of ¥24,700 million (+2.1%), ordinary profit of ¥24,300 million and net profit attributable to owners of ¥16,500 million (-14.8%), revised from its May forecast. It raised the interim dividend by ¥4 to ¥42.50 and its year-end forecast by ¥4 to ¥42.50, for an annual ¥85; FY3/2026's ¥100 included a ¥23 special dividend. Total assets rose 4.6% to ¥319,603 million, and the equity ratio was 38.9%.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 160,155 | 164,829 | -2.8% |
| Operating profit (¥ million) | 13,602 | 11,139 | +22.1% |
| Ordinary profit (¥ million) | 13,434 | 11,025 | +21.8% |
| Net profit attrib. to owners of parent (¥ million) | 9,198 | 7,665 | +20.0% |
| Comprehensive income (¥ million) | 10,729 | 9,106 | +17.8% |
| EPS (¥) | 118.36 | 97.56 | +21.3% |
| Domestic Civil Engineering — revenue (¥ million) | 75,105 | — | +8.4% |
| Domestic Civil Engineering — segment profit (¥ million) | 8,954 | — | +18.3% |
| Domestic Building — revenue (¥ million) | 36,548 | — | -25.9% |
| Domestic Building — segment profit (¥ million) | 4,637 | — | +16.5% |
| Overseas — revenue (¥ million) | 41,433 | — | +1.8% |
| Overseas — segment profit (¥ million) | 2,111 | — | +50.6% |
| Total assets (¥ million) | 319,603 | 305,435 | +4.6% |
| Net assets (¥ million) | 125,534 | 117,926 | +6.5% |
| Equity ratio | 38.9% | 38.2% | +0.7 pt |
| FY3/2027 guidance — revenue (¥ million) | 355,000 | — | -1.0% |
| FY3/2027 guidance — operating profit (¥ million) | 24,700 | — | +2.1% |
| FY3/2027 guidance — ordinary profit (¥ million) | 24,300 | — | -1.2% |
| FY3/2027 guidance — net profit (¥ million) | 16,500 | — | -14.8% |
| Annual dividend per share (¥) | 85.00 | 100.00 | -15.0% |
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.