ICHIKAWA CO., LTD., First Half Ordinary Profit Decreases by 27%, Current Fiscal Year Dividend Revised Upward by 5 yen

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Thu Oct 31, 2024 3:00 pm JST Earnings

3513 ICHIKAWA CO., LTD. 【J-GAAP】

Earnings Report

ICHIKAWA CO., LTD. <3513> [TSE-S] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 27.4% from the same period last year to 606 million yen. However, The progress rate against the 980 million yen full-year plan was 61.8%, also surpassing the five-year average of 45.6%.

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 grow by 12.3% from the same period last year, reaching 374 million yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 70 yen to 75 yen (compared to 70 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 262 million yen, a 46.9% decrease compared to the same period last year. The operating profit margin decreased from 12.7% in the same period last year to 10.2%.

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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	6,515	330	564	450	98.5	54.0	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	6,860	649	835	587	129.1	71.5	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	6,866	565	606	401	92.4	61.8	Oct 31, 2024	J-GAAP
YoY	+0.1%	-12.9%	-27.4%	-31.7%	-28.4%

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	6,860	560	600	400	93.1	35	Oct 29, 2024	J-GAAP
Apr - Sep, 2024 Results	6,866	565	606	401	92.4	40	Oct 31, 2024	J-GAAP
Revision Rate	+0.1%	+0.9%	+1.0%	+0.3%	-0.7%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	13,500	890	980	540	126.8	70	May 15, 2024	J-GAAP
Mar, 2025 New	13,500	890	980	540	126.8	75	Oct 31, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	0.0%

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	6,743	466	333	431	96.4	35	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	6,634	325	374	139	32.6	35	Oct 31, 2024	J-GAAP
YoY	-1.6%	-30.3%	+12.3%	-67.7%	-66.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	13,344	800	1,044	833	182.1	70	May 15, 2023	J-GAAP
Mar, 2024	13,603	1,115	1,168	1,018	227.8	70	May 15, 2024	J-GAAP
Mar, 2025 Guidance	13,500	890	980	540	126.8	75	Oct 31, 2024	J-GAAP
YoY	-0.8%	-20.2%	-16.1%	-47.0%	-44.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,620	458	493	388	85.3	12.7	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	3,226	286	276	178	39.6	8.9	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	3,517	180	57	253	56.6	5.1	May 15, 2024	J-GAAP
Apr - Jun, 2024	3,276	200	344	223	51.0	6.1	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	3,590	365	262	178	41.0	10.2	Oct 31, 2024	J-GAAP
YoY	-0.8%	-20.3%	-46.9%	-54.1%	-51.9%