Mitsubishi Heavy Industries achieved record financial performance across key metrics in fiscal 2024, powered by robust growth in its energy and defense businesses despite global economic uncertainty.
The Tokyo-based conglomerate reported net income of ¥245.4 billion ($1.7 billion) for the year ended March 31, up 10.6% from the previous year. Revenue climbed 7.9% to ¥5.03 trillion, while business profit jumped 35.6% to ¥383.1 billion.
Order intake rose 5.8% to ¥7.07 trillion, with strong demand for gas turbines and aero engines in the Energy Systems segment. The company secured contracts for 25 large frame gas turbine units, mostly from customers in the Americas.
The Aircraft, Defense & Space division saw revenue surge 36% to ¥827.6 billion, driven by execution of large orders accumulated since FY2023.
“FY2024 was truly a remarkable year, with many of our businesses performing beyond expectations,” said Hisato Kozawa, MHI’s Chief Financial Officer. The company achieved record figures in order intake, revenue, net income, and free cash flow.
Looking ahead, MHI forecasts further growth with revenue of ¥5.4 trillion and net income of ¥260 billion for FY2025. The company increased its annual dividend to ¥23 per share and plans another increase to ¥24 in FY2025.
