KAWASAKI SETSUBI KOGYO CO., LTD., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 34% Increase, Dividend Revised Upward by 9 yen

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Thu Oct 31, 2024 1:00 pm JST Earnings

1777 KAWASAKI SETSUBI KOGYO CO., LTD. 【J-GAAP】

Earnings Report

KAWASAKI SETSUBI KOGYO CO., LTD. <1777> [NSE-M] announced its financial results in the afternoon session on October 31st (13:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) surged by 2.6 times that of the same period last year, reaching 621 million yen, exceeded the previous forecast of 360 million yen.

In addition, the full-year ordinary profit has been revised upward by 37.9%, from the previous forecast of 1.32 billion yen to 1.82 billion yen (compared to 1.35 billion yen in the previous period), turning to a 34.4% increase in the ordinary profit outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to grow by 7.2% from the same period last year, reaching 1.19 billion yen.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 22 yen to 31 yen (compared to 22 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the ordinary profit surged to 2.6 times that of the same period last year, reaching 463 million yen. The operating profit margin significantly improved from 3.4% in the same period last year to 7.1%.

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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	9,573	372	387	250	20.9	36.0	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	9,641	229	236	149	12.5	17.4	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	11,026	609	621	382	32.0	34.1	Oct 31, 2024	J-GAAP
YoY	+14.4%	+165.9%	+163.1%	+156.4%	+156.5%

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	11,500	350	360	230	19.2	11	Jul 31, 2024	J-GAAP
Apr - Sep, 2024 Results	11,026	609	621	382	32.0	11	Oct 31, 2024	J-GAAP
Revision Rate	-4.1%	+74.0%	+72.5%	+66.1%	+66.5%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	26,000	1,300	1,320	890	74.4	22	Jul 31, 2024	J-GAAP
Mar, 2025 New	27,500	1,700	1,820	1,210	101.1	31	Oct 31, 2024	J-GAAP
Revision Rate	+5.8%	+30.8%	+37.9%	+36.0%	+36.0%

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	12,841	1,104	1,118	696	58.2	14	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	16,474	1,091	1,199	828	69.2	20	Oct 31, 2024	J-GAAP
YoY	+28.3%	-1.2%	+7.2%	+19.0%	+18.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	20,809	1,040	1,074	707	59.1	18	Apr 28, 2023	J-GAAP
Mar, 2024	22,482	1,333	1,354	845	70.7	22	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	27,500	1,700	1,820	1,210	101.1	31	Oct 31, 2024	J-GAAP
YoY	+22.3%	+27.5%	+34.4%	+43.2%	+43.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	5,327	179	178	115	9.6	3.4	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	5,974	496	504	336	28.1	8.3	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	6,867	608	614	360	30.1	8.9	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	4,617	151	158	102	8.5	3.3	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	6,409	458	463	280	23.5	7.1	Oct 31, 2024	J-GAAP
YoY	+20.3%	+155.9%	+160.1%	+143.5%	+143.6%