Ifuji Sangyo Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 30%, Adds to Record High Profit Forecast, Dividend Revised Upward by 2 yen

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Tue Nov 5, 2024 12:00 pm JST Earnings

2924 Ifuji Sangyo Co., Ltd. 【J-GAAP】

Earnings Report

Ifuji Sangyo Co., Ltd. <2924> [TSE-S] announced its financial results at noon (12:00) on November 5th. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 22.9% from the same period last year, reaching 1.53 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 29.7%, from the previous forecast of 1.97 billion yen to 2.56 billion yen (compared to 1.8 billion yen in the previous period), increasing the growth rate from 9.2% to 41.6%, further surpassing the previous forecast of record-high profits for six consecutive terms.

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 expand by 83.2% from the same period last year, reaching 1.02 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 51 yen to 53 yen (compared to 48 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 52.9% from the same period last year, reaching 734 million yen. The operating profit margin significantly improved from 7.7% in the same period last year to 12.4%.

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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	8,928	668	689	475	57.9	42.7	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	13,182	1,220	1,248	1,027	124.6	69.0	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	11,087	1,523	1,534	1,035	125.2	59.9	Nov 5, 2024	J-GAAP
YoY	-15.9%	+24.8%	+22.9%	+0.8%	+0.5%

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	10,299	1,341	1,350	921	111.2	26	Aug 8, 2024	J-GAAP
Apr - Sep, 2024 Results	11,087	1,523	1,534	1,035	125.2	26	Nov 5, 2024	J-GAAP
Revision Rate	+7.7%	+13.6%	+13.6%	+12.4%	+12.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	20,582	1,979	1,975	1,367	165.1	51	Aug 8, 2024	J-GAAP
Mar, 2025 New	24,651	2,568	2,562	1,722	207.9	53	Nov 5, 2024	J-GAAP
Revision Rate	+19.8%	+29.8%	+29.7%	+26.0%	+26.0%

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	11,321	546	561	570	69.1	22	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	13,564	1,045	1,028	687	83.0	27	Nov 5, 2024	J-GAAP
YoY	+19.8%	+91.4%	+83.2%	+20.5%	+20.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	20,891	1,575	1,615	1,116	135.7	35	May 8, 2023	J-GAAP
Mar, 2024	24,503	1,766	1,809	1,597	193.5	48	May 7, 2024	J-GAAP
Mar, 2025 Guidance	24,651	2,568	2,562	1,722	207.9	53	Nov 5, 2024	J-GAAP
YoY	+0.6%	+45.4%	+41.6%	+7.8%	+7.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	6,185	476	480	332	40.3	7.7	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	6,324	419	431	442	53.6	6.6	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	4,997	127	130	128	15.5	2.5	May 7, 2024	J-GAAP
Apr - Jun, 2024	5,204	795	800	545	66.0	15.3	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	5,883	728	734	490	59.3	12.4	Nov 5, 2024	J-GAAP
YoY	-4.9%	+52.9%	+52.9%	+47.6%	+47.2%