MEC (TYO:4971) reported a marginal drop in profit attributable to owners of the parent to 2.29 billion yen for the year ended Dec 31, 2024, from 2.30 billion yen a year ago mainly due to higher income tax expenses.

The chemical manufacturer's basic earnings per share edged up to 122.38 yen from 122.29 yen a year ago, according to a Tokyo Stock Exchange filing on Feb. 14.

Net sales surged 30.1% to 18.23 billion yen from 14.02 billion yen a year earlier, hitting a record high.

The growth was driven by strong demand for its chemicals used in high-density electronic substrates, particularly in generative AI applications.

For the year ending Dec 31, 2025, MEC forecasts attributable profit to jump 57.1% to 3.60 billion yen or 192.26 yen per share, while net sales are projected to grow 9.7% to 20.00 billion yen.

The company declared a year-end dividend of 25 yen per share, payable on March 4, bringing the total annual payout to 45 per share, unchanged from the previous year.

It expects to pay dividends of 55 per share in FY2025, which includes a 25 yen interim dividend and 30 yen final dividend.

Shares of the company declined 2% in morning trade Tuesday.

Price (JPY): $2567.00, Change: $-54, Percent Change: -2.06%