Keisei Electric Railway Co.,Ltd., First Half Ordinary Profit Increases by 16%, Revises Dividend Forecast in Conjunction with Stock Split

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Thu Oct 31, 2024 3:30 pm JST Earnings

9009 Keisei Electric Railway Co.,Ltd. 【J-GAAP】

Earnings Report

Keisei Electric Railway Co.,Ltd. <9009> [TSE-P] announced its financial results after the market closed on October 31st (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 16.1% from the same period last year, reaching 31.5 billion yen. The progress rate against the 58.1 billion yen full-year plan was 54.2%, almost the same as the five-year average of 53.1%.

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 8.8% from the same period last year, reaching 26.5 billion yen.

At the same time, Due to a planned 1-to-3 stock split is scheduled for December 31, the annual dividend for the current fiscal year has been revised from the original plan of 36 yen to 24 yen (equivalent to 36 yen before the stock split), but the actual dividend remains unchanged.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 3.3% from the same period last year, reaching 13.7 billion yen. The operating profit margin rose from 10.1% in the same period last year to 12.2%.

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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	119,031	4,401	10,329	15,597	31.4	38.6	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	147,949	15,250	27,148	21,092	42.0	52.6	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	158,033	22,079	31,518	21,496	44.1	54.2	Oct 31, 2024	J-GAAP
YoY	+6.8%	+44.8%	+16.1%	+1.9%	+5.0%

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	－	6	Apr 26, 2024	J-GAAP
Apr - Sep, 2024 Results	158,033	22,079	31,518	21,496	44.1	6	Oct 31, 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	148,560	9,991	24,443	66,565	132.8	8.67	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	179,567	11,621	26,582	25,504	52.2	6	Oct 31, 2024	J-GAAP
YoY	+20.9%	+16.3%	+8.8%	-61.7%	-60.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	252,338	10,228	26,764	26,929	53.9	6.67	Apr 28, 2023	J-GAAP
Mar, 2024	296,509	25,241	51,591	87,657	174.9	13	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	337,600	33,700	58,100	47,000	96.2	12	Apr 26, 2024	J-GAAP
YoY	+13.9%	+33.5%	+12.6%	-46.4%	-45.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	75,483	7,597	13,317	10,470	20.8	10.1	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	74,665	8,617	18,442	14,897	29.7	11.5	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	73,895	1,374	6,001	51,668	103.1	1.9	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	80,297	12,584	17,755	13,317	27.3	15.7	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	77,736	9,495	13,763	8,179	16.8	12.2	Oct 31, 2024	J-GAAP
YoY	+3.0%	+25.0%	+3.3%	-21.9%	-19.5%