Asahi Organic Materials raised its current-year ordinary profit forecast by 41% and indicated that it expects to increase the annual dividend to ¥180. The first-half and second-half dividends will each be ¥90.
On 28 September, Asahi Organic Materials raised its forecast for current-year consolidated ordinary profit from ¥8.7 billion to ¥12.3 billion, representing an upward revision of 41.4%. Ordinary profit was ¥7.95 billion in the same period of the previous year. The full-year earnings outlook has consequently been revised upward.
The company also raised its forecast for consolidated ordinary profit for April–September from ¥4.0 billion to ¥5.7 billion. Ordinary profit was ¥4.44 billion in the same period of the previous year. First-half profit is expected to improve substantially year on year.
In line with the earnings revision, the company raised its first-half dividend from ¥65 to ¥90 and its second-half dividend to ¥90, bringing the annual dividend to ¥180. The dividend was ¥120 in the previous fiscal year.
The company said that orders for semiconductor-related projects in Japan and overseas remain strong in its piping systems business, and that its outlook for revenue and profit is expected to exceed its previous assumptions.