SUMITOMO CORPORATION, First Half Net Income Decreases by 11%, July-September Net Income Decreases by 18%

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Thu Oct 31, 2024 1:00 pm JST Earnings

8053 SUMITOMO CORPORATION 【IFRS】

Earnings Report

SUMITOMO CORPORATION <8053> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on October 31st (13:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 10.9% from the same period last year to 253 billion yen. The progress rate against the 530 billion yen full-year plan was 47.9%, also falling below the five-year average of 69.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to surge by 2.7 times that of the same period last year, reaching 276 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 127 billion yen, a 17.9% decrease compared to the same period last year.

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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	3,354,351	ー	444,622	350,291	280.1	61.5	Nov 4, 2022	IFRS
Apr - Sep, 2023	3,343,834	ー	347,295	284,885	232.8	65.8	Nov 2, 2023	IFRS
Apr - Sep, 2024	3,518,480	ー	329,739	253,963	209.3	ー	Oct 31, 2024	IFRS
YoY	+5.2%	－	-5.1%	-10.9%	-10.1%

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	－	65	May 2, 2024	IFRS
Apr - Sep, 2024 Results	3,518,480	ー	329,739	253,963	209.3	65	Oct 31, 2024	IFRS
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	3,566,468	ー	180,351	101,467	83.0	62.50	May 2, 2024	IFRS
Oct - Mar, 2024 Guidance	ー	ー	ー	276,037	228.1	65	Oct 31, 2024	IFRS
YoY	－	－	－	+172.0%	+175.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	6,817,872	ー	723,122	565,333	452.6	115	May 9, 2023	IFRS
Mar, 2024	6,910,302	ー	527,646	386,352	315.9	125	May 2, 2024	IFRS
Mar, 2025 Guidance	ー	ー	ー	530,000	438.0	130	May 2, 2024	IFRS
YoY	－	－	－	+37.2%	+38.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,672,441	ー	188,187	155,465	127.0	0.0	Nov 2, 2023	IFRS
Oct - Dec, 2023	1,720,424	ー	155,411	119,221	97.5	0.0	Feb 5, 2024	IFRS
Jan - Mar, 2024	1,846,044	ー	24,940	-17,754	-14.5	0.0	May 2, 2024	IFRS
Apr - Jun, 2024	1,771,729	ー	166,934	126,319	103.9	0.0	Jul 31, 2024	IFRS
Jul - Sep, 2024	1,746,751	ー	162,805	127,644	105.2	0.0	Oct 31, 2024	IFRS
YoY	+4.4%	－	-13.5%	-17.9%	-17.2%