Adways Inc., The Current Fiscal Year Ordinary Profit Revised Downward by 52%, Dividend Revised down by 0.57 yen

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Thu Oct 31, 2024 3:00 pm JST Earnings

2489 Adways Inc. 【J-GAAP】

Earnings Report

Adways Inc. <2489> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) significantly dropped by 62.2% from the same period last year to 343 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 51.5%, from the previous forecast of 1 billion yen to 485 million yen (compared to 1.31 billion yen in the previous period), leading to an increase in the profit decline rate from 23.8% to 63.1%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 69.3%, from the previous forecast of 743 million yen to 228 million yen (compared to 510 million yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 55.3% decrease in profit.

Due to a decline in performance, the company has reduced its planned year-end lump-sum dividend for the current fiscal year from the original plan of 3.57 yen to 3 yen (compared to 5.77 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit decreased to 86 million yen, a 17.3% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 0.8% in the same period last year to 0.8%.

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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	9,947	1,189	1,013	1,409	35.2	67.3	Nov 2, 2022	J-GAAP
Jan - Sep, 2023	10,121	656	907	669	17.5	69.1	Oct 31, 2023	J-GAAP
Jan - Sep, 2024	9,442	78	343	210	5.4	70.7	Oct 31, 2024	J-GAAP
YoY	-6.7%	-88.1%	-62.2%	-68.6%	-69.1%

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	7,807	717	743	402	10.3	3.57	Jul 31, 2024	J-GAAP
Jul - Dec, 2024 New	6,107	87	228	42	1.1	3	Oct 31, 2024	J-GAAP
Revision Rate	-21.8%	-87.9%	-69.3%	-89.6%	-89.6%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	14,200	770	1,000	580	14.8	3.57	Feb 9, 2024	J-GAAP
Dec, 2024 New	12,500	140	485	220	5.6	3	Oct 31, 2024	J-GAAP
Revision Rate	-12.0%	-81.8%	-51.5%	-62.1%	-62.1%

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	6,681	292	510	276	7.2	5.77	Feb 9, 2024	J-GAAP
Jul - Dec, 2024 Guidance	6,107	87	228	42	1.1	3	Oct 31, 2024	J-GAAP
YoY	-8.6%	-70.2%	-55.3%	-84.8%	-85.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	13,415	1,671	1,506	2,536	63.5	14.10	Feb 10, 2023	J-GAAP
Dec, 2023	13,524	921	1,313	966	25.1	5.77	Feb 9, 2024	J-GAAP
Dec, 2024 Guidance	12,500	140	485	220	5.6	3	Oct 31, 2024	J-GAAP
YoY	-7.6%	-84.8%	-63.1%	-77.2%	-77.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,278	27	104	-21	-0.6	0.8	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	3,403	265	406	297	7.7	7.8	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	3,298	194	323	310	8.0	5.9	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	3,095	-141	-66	-132	-3.4	-4.6	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	3,049	25	86	32	0.8	0.8	Oct 31, 2024	J-GAAP
YoY	-7.0%	-7.4%	-17.3%	－	－