System Integrator Corp., First Half Ordinary Profit Decreases by 52%

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Tue Oct 15, 2024 3:30 pm JST Earnings

3826 System Integrator Corp. 【J-GAAP】

Earnings Report

System Integrator Corp. <3826> [TSE-S] announced its financial results after the market closed on October 15th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) significantly dropped by 51.7% from the previous period non-consolidated to 98 million yen, reversing from the forecast of a loss of 40 million yen to a profit.

The progress rate against the 178 million yen full-year plan was 55.1%, also surpassing the five-year average of 44.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the September to February period (second half) is expected to drop by 39.8% from the previous period non-consolidated to 80 million yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit decreased to 114 million yen, a 26.0% decrease compared to the same period last year. The operating profit margin decreased from 11.7% in the same period last year to 8.7%.

Note: Since the current fiscal year, the company has transitioned to consolidated financial statements.

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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
Mar - Aug, 2022	2,174	115	117	80	7.3	28.1	Oct 14, 2022	J-GAAP
Mar - Aug, 2023	2,424	203	203	206	18.9	60.4	Oct 13, 2023	J-GAAP
Mar - Aug, 2024	2,228	79	98	75	6.9	55.1	Oct 15, 2024	J-GAAP
YoY	-8.1%	-61.1%	-51.7%	-63.6%	-63.7%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024 Guidance	2,088	-49	-40	-82	-7.5	0	Jul 16, 2024	J-GAAP
Mar - Aug, 2024 Results	2,228	79	98	75	6.9	0	Oct 15, 2024	J-GAAP
Revision Rate	+6.7%	－	－	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2023	2,411	125	133	738	67.6	12	Apr 15, 2024	J-GAAP
Sep - Feb, 2024 Guidance	2,280	81	80	34	3.1	5	Oct 15, 2024	J-GAAP
YoY	-5.4%	-35.2%	-39.8%	-95.4%	-95.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	4,486	406	416	280	25.6	8	Apr 14, 2023	J-GAAP
Feb, 2024	4,835	328	336	944	86.5	12	Apr 15, 2024	J-GAAP
Feb, 2025 Guidance	4,508	160	178	109	10.0	5	Jul 16, 2024	J-GAAP
YoY	-6.8%	-51.2%	-47.0%	-88.5%	-88.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	1,312	154	154	107	9.8	11.7	Oct 13, 2023	J-GAAP
Sep - Nov, 2023	1,250	77	84	61	5.6	6.2	Jan 15, 2024	J-GAAP
Dec - Feb, 2023	1,161	48	49	677	62.0	4.1	Apr 15, 2024	J-GAAP
Mar - May, 2024	1,029	-25	-16	-8	-0.7	-2.4	Jul 16, 2024	J-GAAP
Jun - Aug, 2024	1,199	104	114	83	7.6	8.7	Oct 15, 2024	J-GAAP
YoY	-8.6%	-32.5%	-26.0%	-22.4%	-22.7%