KIKKOMAN CORPORATION, The Current Fiscal Year Net Income Revised Upward by 7%, Adds to Record High Profit Forecast

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Wed Nov 6, 2024 3:30 pm JST Earnings

2801 KIKKOMAN CORPORATION 【IFRS】

Earnings Report

KIKKOMAN CORPORATION <2801> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 6th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 20.6% from the same period last year, reaching 34.7 billion yen.

In addition, the full-year consolidated net income has been revised upward by 6.8%, from the previous forecast of 57.6 billion yen to 61.5 billion yen (compared to 56.4 billion yen in the previous period), increasing the growth rate from 2.1% to 9.0%, further surpassing the previous forecast of record-high profits for twelve consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to decrease by 3.2% from the same period last year to 26.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 16.7 billion yen, a 8.1% decrease compared to the same period last year. The operating profit margin decreased from 12.2% in the same period last year to 11.6%.

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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	305,378	30,343	32,459	23,292	24.3	53.4	Nov 4, 2022	IFRS
Apr - Sep, 2023	322,733	33,484	37,854	28,809	30.2	50.1	Nov 2, 2023	IFRS
Apr - Sep, 2024	355,569	41,997	47,344	34,755	36.5	56.3	Nov 6, 2024	IFRS
YoY	+10.2%	+25.4%	+25.1%	+20.6%	+21.1%

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	ー	ー	ー	ー	－	10	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	355,569	41,997	47,344	34,755	36.5	10	Nov 6, 2024	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	685,000	70,800	78,100	57,600	60.7	21	Apr 26, 2024	IFRS
Mar, 2025 New	695,700	74,600	84,100	61,500	64.8	21	Nov 6, 2024	IFRS
Revision Rate	+1.6%	+5.4%	+7.7%	+6.8%	+6.8%

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	338,102	33,249	37,751	27,632	29.0	14	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	340,131	32,603	36,756	26,745	28.2	11	Nov 6, 2024	IFRS
YoY	+0.6%	-1.9%	-2.6%	-3.2%	-2.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	618,899	55,370	60,797	43,733	45.7	15.60	Apr 27, 2023	IFRS
Mar, 2024	660,835	66,733	75,605	56,441	59.2	20.80	Apr 26, 2024	IFRS
Mar, 2025 Guidance	695,700	74,600	84,100	61,500	64.8	21	Nov 6, 2024	IFRS
YoY	+5.3%	+11.8%	+11.2%	+9.0%	+9.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	164,227	20,026	22,048	18,190	19.0	12.2	Nov 2, 2023	IFRS
Oct - Dec, 2023	172,142	19,861	22,800	16,712	17.5	11.5	Feb 5, 2024	IFRS
Jan - Mar, 2024	165,960	13,388	14,951	10,920	11.5	8.1	Apr 26, 2024	IFRS
Apr - Jun, 2024	178,218	21,474	24,675	18,046	19.0	12.0	Aug 5, 2024	IFRS
Jul - Sep, 2024	177,351	20,523	22,669	16,709	17.6	11.6	Nov 6, 2024	IFRS
YoY	+8.0%	+2.5%	+2.8%	-8.1%	-7.8%