Mitsubishi Chemical Group Corporation, First Half Net Income Decreases by 39%, July-September Net Income Decreases by 95%

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Fri Nov 1, 2024 1:30 pm JST Earnings

4188 Mitsubishi Chemical Group Corporation 【IFRS】

Earnings Report

Mitsubishi Chemical Group Corporation <4188> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on November 1st (13:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 39.1% from the same period last year to 40.9 billion yen. The progress rate against the 52 billion yen full-year plan was 78.7%, below the five-year average of 82.8%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to significant drop by 78.9% from the same period last year to 11 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income significantly dropped to 1.26 billion yen, a 94.9% decrease compared to the same period last year. The operating profit margin worsened from 6.3% in the same period last year to 4.6%.

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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	2,269,808	118,352	121,967	73,944	52.0	72.6	Nov 8, 2022	IFRS
Apr - Sep, 2023	2,149,898	138,618	130,151	67,212	47.3	54.1	Nov 1, 2023	IFRS
Apr - Sep, 2024	2,242,066	136,660	106,102	40,921	28.8	ー	Nov 1, 2024	IFRS
YoY	+4.3%	-1.4%	-18.5%	-39.1%	-39.1%

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	2,251,000	84,000	66,000	10,000	7.0	16	May 15, 2024	IFRS
Apr - Sep, 2024 Results	2,242,066	136,660	106,102	40,921	28.8	16	Nov 1, 2024	IFRS
Revision Rate	-0.4%	+62.7%	+60.8%	+309.2%	+309.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	4,623,000	210,000	171,000	52,000	36.5	32	May 15, 2024	IFRS
Mar, 2025 New	4,470,000	218,000	ー	52,000	36.5	32	Nov 1, 2024	IFRS
Revision Rate	-3.3%	+3.8%	－	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	2,237,320	123,213	110,396	52,384	36.8	16	May 15, 2024	IFRS
Oct - Mar, 2024 Guidance	2,227,934	81,340	ー	11,079	7.8	16	Nov 1, 2024	IFRS
YoY	-0.4%	-34.0%	－	-78.9%	-78.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	4,634,532	182,718	167,964	96,461	67.9	30	May 12, 2023	IFRS
Mar, 2024	4,387,218	261,831	240,547	119,596	84.1	32	May 15, 2024	IFRS
Mar, 2025 Guidance	4,470,000	218,000	ー	52,000	36.5	32	Nov 1, 2024	IFRS
YoY	+1.9%	-16.7%	－	-56.5%	-56.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,088,656	68,874	61,342	24,676	17.4	6.3	Nov 1, 2023	IFRS
Oct - Dec, 2023	1,095,242	73,882	61,633	36,652	25.8	6.7	Feb 6, 2024	IFRS
Jan - Mar, 2024	1,142,078	49,331	48,763	15,732	11.1	4.3	May 15, 2024	IFRS
Apr - Jun, 2024	1,129,353	84,995	77,019	39,652	27.9	7.5	Aug 1, 2024	IFRS
Jul - Sep, 2024	1,112,713	51,665	29,083	1,269	0.9	4.6	Nov 1, 2024	IFRS
YoY	+2.2%	-25.0%	-52.6%	-94.9%	-94.9%