NIPPON GAS CO.,LTD., First Half Ordinary Profit Decreases by 49%

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Tue Oct 29, 2024 3:30 pm JST Earnings

8174 NIPPON GAS CO.,LTD. 【J-GAAP】

Earnings Report

NIPPON GAS CO.,LTD. <8174> [TSE-P] announced its financial results after the market closed on October 29th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 48.8% from the same period last year to 2.41 billion yen, fell short of the previous forecast of 3.2 billion yen.

The progress rate against the 20 billion yen full-year plan was 12.1%, also falling below the five-year average of 23.7%.

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 October to March period (second half) is expected to expand by 36.4% from the same period last year, reaching 17.5 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 265 million yen, a 71.0% decrease compared to the same period last year. The operating profit margin worsened from 2.1% in the same period last year to 0.5%.

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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	85,115	2,737	2,800	1,875	16.4	18.3	Nov 1, 2022	J-GAAP
Apr - Sep, 2023	85,497	4,567	4,710	3,282	28.9	26.8	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	86,049	2,307	2,412	1,609	14.5	12.1	Oct 29, 2024	J-GAAP
YoY	+0.6%	-49.5%	-48.8%	-51.0%	-49.8%

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	90,000	3,200	3,200	2,200	20.0	46.25	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	86,049	2,307	2,412	1,609	14.5	46.25	Oct 29, 2024	J-GAAP
Revision Rate	-4.4%	-27.9%	-24.6%	-26.9%	-27.4%

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	108,867	12,875	12,894	7,543	66.6	37.50	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	113,951	17,693	17,588	12,391	112.3	46.25	Oct 29, 2024	J-GAAP
YoY	+4.7%	+37.4%	+36.4%	+64.3%	+68.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	207,942	15,127	15,314	10,568	92.6	65	Apr 27, 2023	J-GAAP
Mar, 2024	194,364	17,442	17,604	10,825	95.6	75	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	200,000	20,000	20,000	14,000	126.9	92.50	Apr 30, 2024	J-GAAP
YoY	+2.9%	+14.7%	+13.6%	+29.3%	+32.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	39,444	842	913	621	5.5	2.1	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	49,176	4,686	4,664	3,399	30.0	9.5	Feb 1, 2024	J-GAAP
Jan - Mar, 2024	59,691	8,189	8,230	4,144	36.6	13.7	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	44,601	2,088	2,147	1,453	13.0	4.7	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	41,448	219	265	156	1.4	0.5	Oct 29, 2024	J-GAAP
YoY	+5.1%	-74.0%	-71.0%	-74.9%	-74.4%