Paraca Inc.
4809・Prime Market・Real Estate
Paraca Inc. (single segment: Parking Business)
A specialist company that develops and operates time-based parking lots primarily in major metropolitan areas
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (Interim Cumulative) | ¥9,142 million | ¥8,636 million | ↑ |
| Operating Profit (Interim Cumulative) | ¥1,513 million | ¥1,563 million | ↓ |
| Ordinary Profit (Interim Cumulative) | ¥1,328 million | ¥1,417 million | ↓ |
| Interim Net Profit | ¥897 million | ¥958 million | ↓ |
| Gross Profit | ¥2,651 million | ¥2,568 million | ↑ |
| Gross Profit Margin | 29.0% | 29.7% | ↓ |
| Selling, General and Administrative Expenses | ¥1,138 million | ¥1,005 million | ↑ |
| Number of Operating Parking Spaces (Period End) | 51,000 spaces (2,676 locations) | 48,232 spaces (2,598 locations) | ↑ |
| Total Assets | ¥51,737 million | ¥49,440 million | ↑ |
| Equity Ratio | 40.5% | 42.2% | ↓ |
| Operating Cash Flow (Interim Period) | ¥1,269 million | ¥1,425 million | ↓ |
| Full-Year Net Sales Forecast | ¥18,600 million (up 5.5% year on year) | ¥17,630 million | ↑ |
| Full-Year Operating Profit Forecast | ¥3,430 million (up 5.0% year on year) | ¥3,266 million | ↑ |
| Interim Net Profit per Share | ¥88.77 | ¥95.17 | ↓ |
| Annual Dividend Forecast | ¥70.00 | ¥67.00 | ↑ |
Business Details
The company operates its business on two axes: Leased Parking Lots (leasing land from landowners for operation) and Owned Parking Lots (acquiring and operating company-owned land). Leased Parking Lots account for approximately 80% of net sales, while Owned Parking Lots serve as "base earnings," characterized by a high gross profit margin and zero cancellation risk. Other Sales includes real estate leasing, vending machines, solar power generation, and motorcycle parking lots. As of the end of March FY2026, the company operated 51,000 parking spaces across 2,676 locations, with continued expansion in both the number of locations and spaces.
Recent Overview
Net sales increased 5.8% year on year, but operating profit declined 3.2% due to rising costs, resulting in higher revenue but lower profit
In the second quarter (interim period) of FY2026 (ending September 2026), the company secured increased sales with net sales of ¥9,142 million (up 5.8% year on year), but profits declined, with operating profit of ¥1,513 million (down 3.2% year on year), ordinary profit of ¥1,328 million (down 6.3% year on year), and interim net profit of ¥897 million (down 6.4% year on year). Factors behind the profit decline include: (1) higher-than-expected initial costs such as brokerage fees and installation costs for newly opened Leased Parking Lots; (2) sales loss during the renovation and expansion construction period of an Owned Parking Lot in Shinjuku-ku, Tokyo; (3) increased winter costs associated with strong performance of newly opened locations in the Northern Japan area (sales from properties opened during the period in the Northern Japan area increased 69% year on year, while costs increased 106%); (4) sales loss and increased snow removal costs due to heavy snowfall in Hokkaido, Aomori Prefecture, and Niigata Prefecture from January to February 2026; and (5) increased selling, general and administrative expenses (up ¥133 million year on year to ¥1,138 million) due to office expansion and renovation from March to April 2025 and wage increases. The full-year earnings forecast (net sales of ¥18,600 million, operating profit of ¥3,430 million) remains unchanged from the announcement dated November 7, 2025.
Key Products
Growth Drivers
- Chronic parking shortages and tightening supply-demand balance in major metropolitan areas leading to an upward trend in rates (improving profitability of existing parking lots through flexible rate changes)
- Expansion of facility-attached parking lot projects through business partnerships with real estate developers and brokerage firms (12 facility-attached parking locations with 2,350 spaces opened during the interim period)
- Accumulation of "base earnings" through aggressive investment in Owned Parking Lots (land balance of ¥40,771 million at the end of the interim period, up ¥1,024 million from the end of the previous fiscal year)
- Continued expansion in the number of parking spaces through new openings (net increase of 2,768 spaces across 78 locations during the interim period, with 51,000 spaces across 2,676 locations operating as of the end of March)
- Aggressive expansion into regional cities including the Northern Japan area (sales from properties opened during the period in the Northern Japan area increased 69% year on year)
Risks
- Cancellation risk for Leased Parking Lots due to landowner circumstances (Leased Parking Lots account for approximately 80% of net sales)
- Increase in interest-bearing debt associated with land acquisition for Owned Parking Lots (long-term borrowings balance of ¥25,650 million at the end of the interim period; total borrowings including short-term debt increased ¥1,637 million from the end of the previous fiscal year)
- Risk of cost overruns in initial costs (brokerage fees, installation costs, etc.) for new openings (materialized during the interim period)
- Sales losses and increased snow removal costs due to heavy snowfall and weather risk in the Northern Japan area and other regions (materialized in Hokkaido, Aomori Prefecture, and Niigata Prefecture from January to February 2026)
- Increased costs related to hiring and retaining personnel (SG&A expenses increased 13.2% year on year due to wage increases and office expansion, etc.)
- Increased interest expenses (¥190 million during the interim period, up ¥39 million year on year) pressuring ordinary profit
Last updated: December 19, 2025