SOHGO SECURITY SERVICES CO.,LTD., First Half Ordinary Profit Decreases by 12%, July-September Ordinary Profit Decreases by 11%

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Wed Nov 6, 2024 3:30 pm JST Earnings

2331 SOHGO SECURITY SERVICES CO.,LTD. 【J-GAAP】

Earnings Report

SOHGO SECURITY SERVICES CO.,LTD. <2331> [TSE-P] announced its financial results after the market closed on November 6th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 12.4% from the same period last year to 16.9 billion yen. The progress rate against the 43.1 billion yen full-year plan was 39.4%, also falling below the five-year average of 46.4%.

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 grow by 14.7% from the same period last year, reaching 26.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 9.09 billion yen, a 10.9% decrease compared to the same period last year. The operating profit margin worsened from 7.3% 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	236,053	15,218	16,551	9,761	19.3	42.2	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	246,379	17,825	19,406	11,852	23.5	46.0	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	263,280	15,603	16,994	10,091	20.5	39.4	Nov 6, 2024	J-GAAP
YoY	+6.9%	-12.5%	-12.4%	-14.9%	-12.8%

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	262,100	16,100	17,600	11,300	23.3	12.40	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	263,280	15,603	16,994	10,091	20.5	12.40	Nov 6, 2024	J-GAAP
Revision Rate	+0.5%	-3.1%	-3.4%	-10.7%	-12.2%

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	275,021	21,257	22,767	15,475	30.8	15	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	286,720	24,697	26,106	17,509	36.1	12.40	Nov 6, 2024	J-GAAP
YoY	+4.3%	+16.2%	+14.7%	+13.1%	+17.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	492,226	36,993	39,230	23,950	47.3	17.20	May 12, 2023	J-GAAP
Mar, 2024	521,400	39,082	42,173	27,327	54.3	23.70	May 14, 2024	J-GAAP
Mar, 2025 Guidance	550,000	40,300	43,100	27,600	56.9	24.80	May 14, 2024	J-GAAP
YoY	+5.5%	+3.1%	+2.2%	+1.0%	+4.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	124,786	9,126	10,213	6,657	13.2	7.3	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	132,611	9,162	9,892	6,590	13.1	6.9	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	142,410	12,095	12,875	8,885	17.7	8.5	May 14, 2024	J-GAAP
Apr - Jun, 2024	129,011	7,266	7,897	4,288	8.6	5.6	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	134,269	8,337	9,097	5,803	11.8	6.2	Nov 6, 2024	J-GAAP
YoY	+7.6%	-8.6%	-10.9%	-12.8%	-10.8%