Maruchiyo Yamaokaya Corporation, The Current Fiscal Year Ordinary Profit Revised Upward by 32%, Adds to Record High Profit Forecast

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Fri Sep 13, 2024 4:00 pm JST Earnings

3399 Maruchiyo Yamaokaya Corporation 【J-GAAP】

Earnings Report

Maruchiyo Yamaokaya Corporation <3399> [TSE-S] announced its financial results after the market closed on September 13th (16:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending January 2025 (February to July) surged by 3.2 times that of the same period last year, reaching 1.58 billion yen, exceeded the previous forecast of 957 million yen.

In addition, the full-year ordinary profit has been revised upward by 31.9%, from the previous forecast of 2.35 billion yen to 3.1 billion yen (compared to 2.13 billion yen in the previous period), increasing the growth rate from 10.2% to 45.4%, further surpassing the previous forecast of record-high profits for two consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the ordinary profit for the August to January period (second half) is expected to decrease by 7.8% from the same period last year to 1.51 billion yen.

In the most recent three-month period, from May to July (2Q), the ordinary profit surged to 3.0 times that of the same period last year, reaching 823 million yen. The operating profit margin drastically improved from 4.3% in the same period last year to 9.6%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Feb - Jul, 2022	7,997	11	27	92	9.5	4.6	Sep 12, 2022	J-GAAP
Feb - Jul, 2023	11,617	476	493	312	31.9	23.1	Sep 11, 2023	J-GAAP
Feb - Jul, 2024	15,633	1,529	1,589	1,086	110.8	51.3	Sep 13, 2024	J-GAAP
YoY	+34.6%	+221.2%	+222.3%	+248.1%	+247.0%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb - Jul, 2024 Guidance	14,088	926	957	632	64.5	0	Mar 15, 2024	J-GAAP
Feb - Jul, 2024 Results	15,633	1,529	1,589	1,086	110.8	0	Sep 13, 2024	J-GAAP
Revision Rate	+11.0%	+65.1%	+66.0%	+71.8%	+71.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2025 Prev	30,000	2,279	2,350	1,572	160.4	5	Mar 15, 2024	J-GAAP
Jan, 2025 New	33,000	3,050	3,100	2,100	214.3	5	Sep 13, 2024	J-GAAP
Revision Rate	+10.0%	+33.8%	+31.9%	+33.6%	+33.6%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug - Jan, 2023	14,877	1,587	1,639	1,120	114.3	5	Mar 15, 2024	J-GAAP
Aug - Jan, 2024 Guidance	17,367	1,521	1,511	1,014	103.5	5	Sep 13, 2024	J-GAAP
YoY	+16.7%	-4.2%	-7.8%	-9.5%	-9.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2023	18,676	514	582	413	42.3	4	Mar 16, 2023	J-GAAP
Jan, 2024	26,494	2,063	2,132	1,432	146.2	5	Mar 15, 2024	J-GAAP
Jan, 2025 Guidance	33,000	3,050	3,100	2,100	214.3	5	Sep 13, 2024	J-GAAP
YoY	+24.6%	+47.8%	+45.4%	+46.6%	+46.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
May - Jul, 2023	6,069	258	271	171	17.5	4.3	Sep 11, 2023	J-GAAP
Aug - Oct, 2023	7,069	873	896	614	62.7	12.3	Dec 11, 2023	J-GAAP
Nov - Jan, 2023	7,808	714	743	506	51.7	9.1	Mar 15, 2024	J-GAAP
Feb - Apr, 2024	7,628	758	766	524	53.5	9.9	Jun 10, 2024	J-GAAP
May - Jul, 2024	8,005	771	823	562	57.4	9.6	Sep 13, 2024	J-GAAP
YoY	+31.9%	+198.8%	+203.7%	+228.7%	+227.5%