Shikoku Electric Power Company, Incorporated, The Current Fiscal Year Ordinary Profit Revised Upward by 54%

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Tue Oct 29, 2024 3:00 pm JST Earnings

9507 Shikoku Electric Power Company, Incorporated 【J-GAAP】

Earnings Report

Shikoku Electric Power Company, Incorporated <9507> [TSE-P] announced its financial results after the market closed on October 29th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 13.5% from the same period last year to 55.9 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 54.2%, from the previous forecast of 48 billion yen to 74 billion yen (compared to 80 billion yen in the previous period), and the declining rate is expected to decrease from 40.1% to 7.6%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 16.9% from the same period last year, reaching 18 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 24.1 billion yen, a 50.9% decrease compared to the same period last year. The operating profit margin sharply declined from 22.2% in the same period last year to 9.9%.

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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
Apr - Sep, 2022	402,122	10,559	17,364	8,988	43.7	ー	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	400,857	65,450	64,611	48,771	237.2	80.7	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	418,380	53,581	55,902	41,303	200.8	75.5	Oct 29, 2024	J-GAAP
YoY	+4.4%	-18.1%	-13.5%	-15.3%	-15.3%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	20	Apr 26, 2024	J-GAAP
Apr - Sep, 2024 Results	418,380	53,581	55,902	41,303	200.8	20	Oct 29, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	852,000	44,000	48,000	36,000	175.0	40	Apr 26, 2024	J-GAAP
Mar, 2025 New	838,000	70,000	74,000	54,500	265.0	40	Oct 29, 2024	J-GAAP
Revision Rate	-1.6%	+59.1%	+54.2%	+51.4%	+51.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	386,546	13,076	15,485	11,744	57.1	15	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	419,620	16,419	18,098	13,197	64.2	20	Oct 29, 2024	J-GAAP
YoY	+8.6%	+25.6%	+16.9%	+12.4%	+12.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	833,203	-12,285	-22,515	-22,871	-111.2	0	Apr 27, 2023	J-GAAP
Mar, 2024	787,403	78,526	80,096	60,515	294.3	30	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	838,000	70,000	74,000	54,500	265.0	40	Oct 29, 2024	J-GAAP
YoY	+6.4%	-10.9%	-7.6%	-9.9%	-9.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	219,771	48,790	49,113	36,967	179.8	22.2	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	177,269	13,125	13,799	7,513	36.5	7.4	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	209,277	-49	1,686	4,231	20.6	0.0	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	186,854	30,762	31,764	24,028	116.8	16.5	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	231,526	22,819	24,138	17,275	84.0	9.9	Oct 29, 2024	J-GAAP
YoY	+5.3%	-53.2%	-50.9%	-53.3%	-53.3%