KAGOME CO.,LTD., The Current Fiscal Year Net Income Revised Upward by 14%, Adds to Record High Profit Forecast

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Wed Oct 30, 2024 3:40 pm JST Earnings

2811 KAGOME CO.,LTD. 【IFRS】

Earnings Report

KAGOME CO.,LTD. <2811> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 30th (15:40). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) surged by 2.4 times that of the same period last year, reaching 23.1 billion yen.

In addition, the full-year consolidated net income has been revised upward by 14.3%, from the previous forecast of 21 billion yen to 24 billion yen (compared to 10.4 billion yen in the previous period), increasing the growth rate from 2.0 times to 2.3 times, further surpassing the previous forecast of record-high profits for two consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the July to December period (second half) is expected to increase by 93.1%, from the previous forecast of 3.22 billion yen to 6.22 billion yen (compared to 5.24 billion yen in the same period of the previous year), turning to a 18.7% increase in the consolidated net income outlook.

In the most recent three-month period, from July to September (3Q), the consolidated net income grew by 23.1% from the same period last year, reaching 5.33 billion yen. However, the operating profit margin decreased from 11.2% in the same period last year to 10.5%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	150,607	10,109	9,862	6,615	76.1	78.5	Oct 28, 2022	IFRS
Jan - Sep, 2023	164,867	15,576	15,053	9,526	110.7	91.3	Oct 27, 2023	IFRS
Jan - Sep, 2024	226,380	33,470	31,675	23,115	261.1	ー	Oct 30, 2024	IFRS
YoY	+37.3%	+114.9%	+110.4%	+142.7%	+135.9%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	147,758	6,705	ー	3,223	34.4	52	Jul 31, 2024	IFRS
Jul - Dec, 2024 New	151,758	10,705	ー	6,223	66.5	52	Oct 30, 2024	IFRS
Revision Rate	+2.7%	+59.7%	－	+93.1%	+93.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	296,000	32,000	ー	21,000	224.3	52	Apr 26, 2024	IFRS
Dec, 2024 New	300,000	36,000	ー	24,000	256.4	52	Oct 30, 2024	IFRS
Revision Rate	+1.4%	+12.5%	－	+14.3%	+14.3%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	119,407	8,561	7,810	5,243	60.9	41	Feb 1, 2024	IFRS
Jul - Dec, 2024 Guidance	151,758	10,705	ー	6,223	66.5	52	Oct 30, 2024	IFRS
YoY	+27.1%	+25.0%	－	+18.7%	+9.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	205,618	12,757	12,557	9,116	105.1	38	Feb 2, 2023	IFRS
Dec, 2023	224,730	17,472	16,489	10,432	121.2	41	Feb 1, 2024	IFRS
Dec, 2024 Guidance	300,000	36,000	ー	24,000	256.4	52	Oct 30, 2024	IFRS
YoY	+33.5%	+106.0%	－	+130.1%	+111.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	59,544	6,665	6,374	4,337	50.4	11.2	Oct 27, 2023	IFRS
Oct - Dec, 2023	59,863	1,896	1,436	906	10.5	3.2	Feb 1, 2024	IFRS
Jan - Mar, 2024	67,378	15,134	14,379	11,773	136.7	22.5	Apr 26, 2024	IFRS
Apr - Jun, 2024	80,864	10,161	9,363	6,004	69.7	12.6	Jul 31, 2024	IFRS
Jul - Sep, 2024	78,138	8,175	7,933	5,338	60.3	10.5	Oct 30, 2024	IFRS
YoY	+31.2%	+22.7%	+24.5%	+23.1%	+19.7%