Tokyo, Japan – NEC Corporation reported its earnings for the first quarter of 2024 during a conference call on April 26, 2024. The company discussed the full year results for the year ended March 2024, provided forecasts for the year ending March 2025, and outlined the progress of its Mid-term Management Plan 2025.
In the full year results for the year ended March 2024, NEC Corporation surpassed all forecasts set at the beginning of the year. Revenue reached JPY 3.4773 trillion, showing an increase from the previous year. Adjusted operating profit also saw a significant increase to JPY 223.6 billion, up by JPY 18 billion from the year before.
Non-GAAP operating profit, reflecting the performance of the company’s core business, rose to JPY 227.6 billion, showing a JPY 30.6 billion increase from the previous year. The company attributed this growth to leveraging deferred tax assets, resulting in a decrease in taxation fees. Non-GAAP net profit also increased to JPY 177.8 billion, up by JPY 45 billion compared to the previous year.
As for the breakdown by segment, both IT Services and Social Infrastructure segments achieved revenue and profit growth from the previous year. NEC Corporation also highlighted various factors that influenced its financial performance, including improvements in profitability in domestic IT services and the acquisition of large projects in international markets.
Looking ahead to the year ending March 2025, NEC Corporation provided financial forecasts and detailed the progress of its Mid-term Management Plan 2025. The company projected revenue of JPY 3.37 trillion for FY ’25 March, with adjusted operating profit and non-GAAP operating profit at JPY 255 billion. NEC Corporation also outlined plans to focus on investment in growth areas, increase dividends per share, and continue divesting low-profit business ventures.
In conclusion, NEC Corporation presented insights into its financial performance, strategic plans for the future, and ongoing initiatives to drive growth and profitability across its business segments.
