Global Security Experts Inc., First Half Ordinary Profit Increases by 25%

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Wed Oct 30, 2024 4:00 pm JST Earnings

4417 Global Security Experts Inc. 【J-GAAP】

Earnings Report

Global Security Experts Inc. <4417> [TSE-G] 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) increased by 24.6% from the previous period non-consolidated to 658 million yen. However, The progress rate against the 1.58 billion yen full-year plan was 41.4%, also falling below the four-year average of 48.6%.

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 61.5% from the previous period non-consolidated to 930 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 20.3% from the same period last year, reaching 409 million yen. The operating profit margin rose from 19.4% in the same period last year to 19.6%.

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
Apr - Sep, 2022	2,576	351	350	231	35.0	47.5	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	3,209	533	528	352	47.3	47.8	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	4,007	709	658	422	56.2	41.4	Oct 30, 2024	J-GAAP
YoY	+24.9%	+33.0%	+24.6%	+19.9%	+18.8%

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	ー	ー	ー	ー	－	20.85	Aug 16, 2024	J-GAAP
Apr - Sep, 2024 Results	4,007	709	658	422	56.2	20.85	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	3,793	580	576	431	57.7	26.21	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,793	875	930	617	82.2	20.86	Oct 30, 2024	J-GAAP
YoY	+26.4%	+50.9%	+61.5%	+43.2%	+42.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	5,558	736	737	488	72.2	14	Apr 27, 2023	J-GAAP
Mar, 2024	7,002	1,113	1,104	783	104.8	26.21	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	8,800	1,584	1,588	1,039	138.5	41.71	Aug 16, 2024	J-GAAP
YoY	+25.7%	+42.3%	+43.8%	+32.7%	+32.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,757	340	340	227	30.5	19.4	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	1,823	323	320	211	28.3	17.7	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	1,970	257	256	220	29.5	13.0	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	1,813	279	249	159	21.2	15.4	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	2,194	430	409	263	35.0	19.6	Oct 30, 2024	J-GAAP
YoY	+24.9%	+26.5%	+20.3%	+15.9%	+14.8%