NH Foods Ltd., First Half Net Income Decreases by 11%, July-September Net Income Decreases by 42%

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Fri Nov 1, 2024 3:40 pm JST Earnings

2282 NH Foods Ltd. 【IFRS】

Earnings Report

NH Foods Ltd. <2282> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 1st (15:40). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 10.6% from the same period last year to 17.8 billion yen. However, The progress rate against the 27 billion yen full-year plan was 66.2%, almost the same as the five-year average of 63.7%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 12.9% from the same period last year, reaching 9.13 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income dropped to 4.81 billion yen, a 41.5% decrease compared to the same period last year.

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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	618,688	ー	23,600	15,480	151.2	106.5	Oct 31, 2022	IFRS
Apr - Sep, 2023	652,122	ー	31,605	19,984	194.9	77.8	Oct 31, 2023	IFRS
Apr - Sep, 2024	683,864	ー	28,872	17,864	174.2	72.2	Nov 1, 2024	IFRS
YoY	+4.9%	－	-8.6%	-10.6%	-10.6%

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	670,000	ー	24,000	14,000	137.0	－	Aug 1, 2024	IFRS
Apr - Sep, 2024 Results	683,864	ー	28,872	17,864	174.2	－	Nov 1, 2024	IFRS
Revision Rate	+2.1%	－	+20.3%	+27.6%	+27.2%

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	651,310	ー	8,994	8,094	78.9	119	May 10, 2024	IFRS
Oct - Mar, 2024 Guidance	656,136	ー	11,128	9,136	92.4	135	Nov 1, 2024	IFRS
YoY	+0.7%	－	+23.7%	+12.9%	+17.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,259,792	ー	22,162	16,637	162.4	110	May 10, 2023	IFRS
Mar, 2024	1,303,432	ー	40,599	28,078	273.7	119	May 10, 2024	IFRS
Mar, 2025 Guidance	1,340,000	ー	40,000	27,000	273.0	135	May 10, 2024	IFRS
YoY	+2.8%	－	-1.5%	-3.8%	-0.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	329,947	ー	12,820	8,235	80.3	0.0	Oct 31, 2023	IFRS
Oct - Dec, 2023	345,835	ー	12,076	9,536	93.0	0.0	Feb 1, 2024	IFRS
Jan - Mar, 2024	305,475	ー	-3,082	-1,442	-14.1	0.0	May 10, 2024	IFRS
Apr - Jun, 2024	338,050	ー	19,805	13,048	127.1	0.0	Aug 1, 2024	IFRS
Jul - Sep, 2024	345,814	ー	9,067	4,816	47.0	0.0	Nov 1, 2024	IFRS
YoY	+4.8%	－	-29.3%	-41.5%	-41.5%