ShinMaywa Industries, Ltd., First Half Ordinary Profit Increases by 15%

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Thu Oct 31, 2024 4:00 pm JST Earnings

7224 ShinMaywa Industries, Ltd. 【J-GAAP】

Earnings Report

ShinMaywa Industries, Ltd. <7224> [TSE-P] announced its financial results after the market closed on October 31st (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 14.7% from the same period last year, reaching 5.57 billion yen. The progress rate against the 12.2 billion yen full-year plan was 45.7%, exceeding the five-year average of 40.6%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 8.5% from the same period last year to 6.63 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 3 billion yen, a 17.3% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 5.9% in the same period last year to 5.8%.

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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	104,001	3,206	4,168	2,871	43.6	42.1	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	116,464	4,431	4,858	2,974	45.1	40.1	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	124,065	5,723	5,570	3,179	48.2	45.7	Oct 31, 2024	J-GAAP
YoY	+6.5%	+29.2%	+14.7%	+6.9%	+6.8%

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	－	25	May 7, 2024	J-GAAP
Apr - Sep, 2024 Results	124,065	5,723	5,570	3,179	48.2	25	Oct 31, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	285,000	13,000	12,200	7,500	113.5	50	May 7, 2024	J-GAAP
Mar, 2025 New	270,000	13,000	12,200	7,500	113.5	50	Oct 31, 2024	J-GAAP
Revision Rate	-5.3%	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	140,596	7,334	7,248	4,305	65.3	24.50	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	145,935	7,277	6,630	4,321	65.4	25	Oct 31, 2024	J-GAAP
YoY	+3.8%	-0.8%	-8.5%	+0.4%	+0.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	225,175	9,293	9,902	7,313	111.0	45	May 9, 2023	J-GAAP
Mar, 2024	257,060	11,765	12,106	7,279	110.4	47	May 7, 2024	J-GAAP
Mar, 2025 Guidance	270,000	13,000	12,200	7,500	113.5	50	Oct 31, 2024	J-GAAP
YoY	+5.0%	+10.5%	+0.8%	+3.0%	+2.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	64,065	3,794	3,640	2,327	35.3	5.9	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	61,163	1,869	1,242	670	10.2	3.1	Feb 2, 2024	J-GAAP
Jan - Mar, 2024	79,433	5,465	6,006	3,635	55.1	6.9	May 7, 2024	J-GAAP
Apr - Jun, 2024	57,423	1,842	2,561	1,508	22.9	3.2	Aug 1, 2024	J-GAAP
Jul - Sep, 2024	66,642	3,881	3,009	1,671	25.3	5.8	Oct 31, 2024	J-GAAP
YoY	+4.0%	+2.3%	-17.3%	-28.2%	-28.3%