The Kansai Electric Power Company, Incorporated, First Half Ordinary Profit Decreases by 38%, July-September Ordinary Profit Decreases by 38%

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Wed Oct 30, 2024 4:00 pm JST Earnings

9503 The Kansai Electric Power Company, Incorporated 【J-GAAP】

Earnings Report

The Kansai Electric Power Company, Incorporated <9503> [TSE-P] announced its financial results after the market closed on October 30th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 37.5% from the same period last year to 319 billion yen. The progress rate against the 360 billion yen full-year plan was 88.7%, also surpassing the five-year average of 83.5%.

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 significant drop by 84.0% from the same period last year to 40.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 150 billion yen, a 38.1% decrease compared to the same period last year. The operating profit margin significantly dropped from 21.0% in the same period last year to 12.9%.

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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	1,784,207	-151,916	-111,855	-76,382	-85.6	ー	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	2,073,046	488,226	511,152	371,059	415.8	66.7	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	2,136,504	297,233	319,239	228,833	256.4	88.7	Oct 30, 2024	J-GAAP
YoY	+3.1%	-39.1%	-37.5%	-38.3%	-38.3%

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	－	30	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	2,136,504	297,233	319,239	228,833	256.4	30	Oct 30, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	1,986,332	240,709	254,818	70,811	79.3	25	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,313,496	32,767	40,761	31,167	28.7	30	Oct 30, 2024	J-GAAP
YoY	+16.5%	-86.4%	-84.0%	-56.0%	-63.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	3,951,884	-52,056	-6,666	17,679	19.8	50	Apr 27, 2023	J-GAAP
Mar, 2024	4,059,378	728,935	765,970	441,870	495.1	50	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	4,450,000	330,000	360,000	260,000	239.3	60	Apr 30, 2024	J-GAAP
YoY	+9.6%	-54.7%	-53.0%	-41.2%	-51.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,106,453	231,859	242,850	177,878	199.3	21.0	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	925,018	124,466	128,262	-20,024	-22.4	13.5	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	1,061,314	116,243	126,556	90,835	101.8	11.0	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	984,149	148,773	168,962	115,775	129.7	15.1	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	1,152,355	148,460	150,277	113,058	126.7	12.9	Oct 30, 2024	J-GAAP
YoY	+4.1%	-36.0%	-38.1%	-36.4%	-36.4%