West Japan Railway Company, First Half Ordinary Profit Increases by 0.1％, Current Fiscal Year Dividend Revised Upward by 2 yen

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Fri Nov 1, 2024 3:00 pm JST Earnings

9021 West Japan Railway Company 【J-GAAP】

Earnings Report

West Japan Railway Company <9021> [TSE-P] announced its financial results after the market closed on November 1st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 98.5 billion yen, a 0.1% increase compared to the same period last year. The progress rate against the 155 billion yen full-year plan was 63.4%, also surpassing the five-year average of 59.5%.

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 decrease by 17.4% from the same period last year to 56.9 billion yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 72 yen to 74 yen (compared to 142 yen before the 1-to-2 stock split in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 43.3 billion yen, a 13.0% decrease compared to the same period last year. The operating profit margin decreased from 13.5% in the same period last year to 11.4%.

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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	616,705	33,854	27,705	64,517	132.4	37.6	Nov 1, 2022	J-GAAP
Apr - Sep, 2023	769,902	106,292	98,458	67,143	137.8	58.8	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	811,386	104,790	98,596	69,711	145.6	63.4	Nov 1, 2024	J-GAAP
YoY	+5.4%	-1.4%	+0.1%	+3.8%	+5.7%

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	－	36	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	811,386	104,790	98,596	69,711	145.6	37	Nov 1, 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	1,718,000	170,000	155,500	100,000	212.6	72	Apr 30, 2024	J-GAAP
Mar, 2025 New	1,718,000	170,000	155,500	100,000	212.6	74	Nov 1, 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	865,121	73,456	68,924	31,618	64.9	42.25	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	906,614	65,210	56,904	30,289	64.4	37	Nov 1, 2024	J-GAAP
YoY	+4.8%	-11.2%	-17.4%	-4.2%	-0.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,395,531	83,970	73,619	88,528	181.6	62.50	Apr 28, 2023	J-GAAP
Mar, 2024	1,635,023	179,748	167,382	98,761	202.6	71	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	1,718,000	170,000	155,500	100,000	212.6	74	Nov 1, 2024	J-GAAP
YoY	+5.1%	-5.4%	-7.1%	+1.3%	+4.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	400,632	54,082	49,826	33,830	69.4	13.5	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	424,420	66,154	62,575	42,745	87.7	15.6	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	440,701	7,302	6,349	-11,127	-22.8	1.7	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	402,780	58,228	55,244	38,272	79.0	14.5	Aug 1, 2024	J-GAAP
Jul - Sep, 2024	408,606	46,562	43,352	31,439	65.7	11.4	Nov 1, 2024	J-GAAP
YoY	+2.0%	-13.9%	-13.0%	-7.1%	-5.4%