ALMETAX MANUFACTURING CO., LTD.
5928・Standard Market・Metal Products
Housing Building Materials Segment (Single Segment)
A domestic single-segment company manufacturing and selling aluminum-based housing building materials
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year, current period actual) | ¥7,886 million | ¥8,296 million | ↓ |
| Operating profit (full year, current period actual) | ¥9 million | △¥214 million | ↑ |
| Ordinary profit (full year, current period actual) | ¥162 million | △¥70 million | ↑ |
| Net income (full year, current period actual) | ¥161 million | ¥27 million | ↑ |
| Gross profit (full year, current period actual) | ¥1,537 million | ¥1,305 million | ↑ |
| Equity ratio (period-end) | 82.4% | 81.8% | ↑ |
| Net assets per share (period-end) | ¥895.89 | ¥879.56 | ↑ |
| Net income per share | ¥15.39 | ¥2.66 | ↑ |
| Total assets (period-end) | ¥11,395 million | ¥11,237 million | ↑ |
| Net assets (period-end) | ¥9,387 million | ¥9,187 million | ↑ |
| Operating cash flow (full year, current period actual) | ¥280 million | ¥54 million | ↑ |
| Sales to Sekisui House, Ltd. (current period) | ¥3,977 million | ¥4,263 million | ↓ |
Business Details
The company manufactures and sells aluminum-based housing building materials such as sashes, doors, and Exterior and Interior Products. Its major customers are large housing manufacturer groups including Sekisui House, Ltd. (accounting for the majority of sales) and Sekisui House Reform, Ltd., resulting in high customer dependency. While focusing primarily on building materials for new housing, the company also emphasizes expanding sales of Building Materials for Renovation. It operates exclusively domestically with no overseas sales and adopts a build-to-forecast production method. In FY2026 (ending March 2026), the company returned to operating profit for the first time in two fiscal years through profit structure reforms.
Recent Overview
Profit structure reforms bore fruit, returning the company to operating profit for the first time in two fiscal years, with net income up 479.8% year on year
In FY2026 (ending March 2026), net sales were ¥7,886 million (down 4.9% year on year), as demand for building materials for new housing remained sluggish. However, gross margin improved (from 15.7% in the prior period to 19.5% in the current period) through productivity improvements, operational streamlining, and product price renegotiations, resulting in operating profit of ¥9 million and a return to profitability for the first time in two fiscal years. The company recorded a gain on sale of investment securities of ¥83 million as extraordinary income from the unwinding of cross-shareholdings, while also recording a loss on disposal of fixed assets of ¥42 million related to new sash development. Corporate taxes falling below the effective tax rate also contributed, resulting in net income of ¥161 million (up 479.8% year on year). For the next fiscal year (FY2027, ending March 2027), the company forecasts net sales of ¥8,000 million (up 1.4% year on year), operating profit of ¥30 million, and net income of ¥125 million.
Key Products
Growth Drivers
- Expansion of orders for renovation building materials driven by national subsidy programs (also promoting cost reduction through enhanced in-house construction capabilities via the newly established construction department)
- Continued profit structure reforms through productivity improvements, operational streamlining, and product price renegotiations (gross margin improved from 15.7% in the prior period to 19.5% in the current period)
- Strengthening of e-commerce (online sales) and development of new business partners through the newly established sales promotion department
- Enhanced added value and differentiation through development of new products such as new sash types and various housing building materials
- Strengthening of IT infrastructure and operational efficiency through core system investment (software in progress of ¥333 million)
- Expansion of business domain and stabilization of the revenue base through acquisition of income-producing real estate and a real estate brokerage license
- Improved employee motivation and productivity through reform toward a performance-evaluation-focused personnel system
Risks
- Decline in orders for core products due to the continued decrease in new housing construction starts (driven by the declining birthrate, aging population, construction costs, and rising mortgage interest rates)
- Customer dependency risk due to sales concentration in the Sekisui House group (¥3,977 million to Sekisui House, Ltd. plus ¥537 million to Sekisui House Reform, Ltd.)
- Cost pressure from persistently high raw material prices and energy costs (affected by the continued weak yen trend)
- Consumers becoming more cautious about home purchases and suppression of housing demand due to rising housing prices and mortgage interest rates
- Uncertainty over the economic outlook due to US monetary and trade policy trends and geopolitical risks in Ukraine and the Middle East
- Extremely thin operating margin of 0.1%, leaving little profit buffer against sales declines or cost increases
- Development risks materializing, such as recording a loss on disposal of fixed assets related to R&D investment in new sash development (¥89 million in the current period), for which some demand is not expected
Last updated: June 22, 2026