SUGAI CHEMICAL INDUSTRY CO., LTD., First Half Ordinary Profit Decreases by 58%, July-September Ordinary Profit Turns to Loss

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Wed Nov 6, 2024 3:00 pm JST Earnings

4120 SUGAI CHEMICAL INDUSTRY CO., LTD. 【J-GAAP】

Earnings Report

SUGAI CHEMICAL INDUSTRY CO., LTD. <4120> [TSE-S] announced its financial results in the afternoon session on November 6th (15:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 57.6% from the same period last year to 180 million yen. The progress rate against the 510 million yen full-year plan was 35.3%, almost the same as the five-year average of 35.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to grow by 4.8% from the same period last year, reaching 330 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit/loss turned to a loss of 85 million yen (compared to a profit of 130 million yen in the same period last year). The operating profit/loss margin drastically worsened from 6.9% in the same period last year to -6.2%.

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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	2,857	243	291	195	149.0	38.9	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	3,560	379	425	290	222.2	57.4	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	2,541	117	180	112	85.8	35.3	Nov 6, 2024	J-GAAP
YoY	-28.6%	-69.1%	-57.6%	-61.4%	-61.4%

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	2,500	100	150	110	84.2	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	2,541	117	180	112	85.8	0	Nov 6, 2024	J-GAAP
Revision Rate	+1.6%	+17.0%	+20.0%	+1.8%	+1.9%

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	4,057	258	315	199	152.4	60	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,059	323	330	258	197.5	60	Nov 6, 2024	J-GAAP
YoY	+0.0%	+25.2%	+4.8%	+29.6%	+29.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,059	650	749	578	442.3	45	May 11, 2023	J-GAAP
Mar, 2024	7,617	637	740	489	374.4	60	May 10, 2024	J-GAAP
Mar, 2025 Guidance	6,600	440	510	370	283.2	60	May 10, 2024	J-GAAP
YoY	-13.4%	-30.9%	-31.1%	-24.3%	-24.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,848	128	130	93	71.3	6.9	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	1,960	291	315	208	159.4	14.8	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	2,097	-33	0	-9	-6.9	-1.6	May 10, 2024	J-GAAP
Apr - Jun, 2024	1,039	210	265	183	140.7	20.2	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	1,502	-93	-85	-71	-54.4	-6.2	Nov 6, 2024	J-GAAP
YoY	-18.7%	－	－	－	－