Daiseki, the Nagoya-based industrial waste and recycling group, reported record interim results for the six months to August 2026, with net profit attributable to owners of the parent up 23.1% at ¥5.805bn. Sales rose 3.8% to ¥37.49bn and operating profit rose 12.0% to ¥8.345bn, according to its interim earnings summary.
The grant's accounting
The summary's note on material subsequent events adds detail on a subsidy already covered in Tokyo Brief's September report. A consolidated subsidiary was picked in the fifth round of the trade ministry's large-scale growth investment subsidy for wage rises at mid-sized, small and startup firms, for a plastics-resource recycling project in Shizuoka City. The grant is ¥2.918bn.
The note says the amount may change after a review once the subsidised project is complete. Daiseki plans to use compression accounting in the year ending February 2030, booking a special gain for the subsidy received and an offsetting special loss for the compression. Nothing sits in this half's results, and the note gives no project cost or construction timetable.
Operating picture
The core industrial waste treatment business set records for sales and profit, though it came in slightly below plan. Daiseki attributes the gain to actively taking in waste liquids that feed recycled fuel, despite higher raw-material and administrative costs. The soil remediation unit beat plan on large factory jobs in the Kanto and Chubu regions, and the lead recycling unit beat plan helped by price revisions this year. The large-tank cleaning unit missed plan because some jobs slid into the second half.
Guidance and payout
Daiseki left its full-year forecast unchanged from the one published on 7 April 2026: sales of ¥74.2bn, operating profit of ¥16.8bn, net profit of ¥11.2bn and earnings of ¥236.83 per share. It also made no revision to its dividend forecast. The interim dividend is ¥43 a share, against ¥36 a year earlier, and the full-year forecast is ¥86, against ¥76 for the year to February 2026. Payment of the interim dividend begins on 23 October 2026.
The half-year report is due on 13 October 2026. The interim summary is not subject to auditor review.