Miyoshi Oil & Fat Co.,Ltd., January-September (Third Quarter Cumulative) Ordinary Profit Increases by 86%, Exceeds Full-Year Plan, Current Fiscal Year Dividend Revised Upward by 20 yen

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Tue Nov 5, 2024 11:50 am JST Earnings

4404 Miyoshi Oil & Fat Co.,Ltd. 【J-GAAP】

Earnings Report

Miyoshi Oil & Fat Co.,Ltd. <4404> [TSE-S] announced its financial results at noon (11:50) on November 5th. The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) expanded to 3 billion yen, an increase of 85.5% compared to the same period last year. The progress rate against the full-year plan of 2.8 billion yen is 107.3%, already exceeding the target and also exceeding the five-year average of 74.2%.

Based on the third-quarter cumulative performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the October to December period (4Q) is expected to turn into a loss of 204 million yen (compared to a profit of 975 million yen in the same period last year).

At the same time, the company has significantly increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 40 yen to 60 yen (compared to 50 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit dropped to 496 million yen, a 46.8% decrease compared to the same period last year. The operating profit margin worsened from 6.7% in the same period last year to 3.9%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	38,454	-1,261	-1,079	-754	-73.9	ー	Nov 7, 2022	J-GAAP
Jan - Sep, 2023	41,373	1,471	1,619	1,259	123.2	62.4	Nov 6, 2023	J-GAAP
Jan - Sep, 2024	42,166	2,944	3,004	2,783	273.4	107.3	Nov 5, 2024	J-GAAP
YoY	+1.9%	+100.1%	+85.5%	+121.0%	+121.9%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	27,766	356	292	28	2.8	40	Aug 5, 2024	J-GAAP
Jul - Dec, 2024 New	27,766	356	292	28	2.8	60	Nov 5, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	0.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	56,300	2,770	2,800	2,430	238.8	40	Jun 24, 2024	J-GAAP
Dec, 2024 New	56,300	2,770	2,800	2,430	238.8	60	Nov 5, 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
Jul - Dec, 2023	28,230	1,802	1,907	1,487	145.5	50	Feb 13, 2024	J-GAAP
Jul - Dec, 2024 Guidance	27,766	356	292	28	2.8	60	Nov 5, 2024	J-GAAP
YoY	-1.6%	-80.2%	-84.7%	-98.1%	-98.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	52,743	-1,604	-1,333	-268	-26.3	30	Feb 13, 2023	J-GAAP
Dec, 2023	56,236	2,372	2,594	2,077	203.3	50	Feb 13, 2024	J-GAAP
Dec, 2024 Guidance	56,300	2,770	2,800	2,430	238.8	60	Nov 5, 2024	J-GAAP
YoY	+0.1%	+16.8%	+7.9%	+17.0%	+17.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	13,367	901	932	669	65.5	6.7	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	14,863	901	975	818	80.1	6.1	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	14,169	1,233	1,242	926	90.9	8.7	May 9, 2024	J-GAAP
Apr - Jun, 2024	14,365	1,181	1,266	1,476	145.0	8.2	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	13,632	530	496	381	37.4	3.9	Nov 5, 2024	J-GAAP
YoY	+2.0%	-41.2%	-46.8%	-43.0%	-42.8%