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View All NewsJapan – Meitec H1 revenue growth driven by increase in engineers and working hours
03 November 2021
Engineering staffing provider Meitec Corp. (9744:TYO) reported last week with revenue increasing by 8.1% in the first half ended 30 September to JPY 50.91 billion (USD 447.1 million).
H1 results
| (JPY millions) | H1 2021 | H1 2020 | % change | H1 2021 (USD millions) |
| Revenue | 50,915 | 47,091 | 8.1% | 447.1 |
| Gross profit | 12,840 | 11,783 | 8.9% | 112.7 |
| Gross margin | 25.2% | 25.0% | - | - |
| Operating profit | 5,336 | 4,878 | 9.4% | 46.8 |
| Profit | 3,549 | 3,138 | 13.1% | 31.1 |
Revenue grew due to the increase in the number of engineers and longer working hours.
Operating profit saw growth as the increase in net sales absorbed the increase in labor expenses associated with a growth in the number of engineers and the increase in SG&A expenses.
Looking ahead, the group forecasted revenue of JPY 107 billion (USD 939.73 million) for the full year ended 31 March 2022.
Meitec Corp shares closed last Thursday at JPY 7,020 (USD 61.65), up 6.5% on the day. The company has a market cap of JPY 200.48 billion (USD 1.76 billion).