Net One Systems Co.,Ltd., First Half Ordinary Profit Increases by 42%, Second Half Dividend Postponed

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Wed Nov 6, 2024 4:30 pm JST Earnings

7518 Net One Systems Co.,Ltd. 【J-GAAP】

Earnings Report

Net One Systems Co.,Ltd. <7518> [TSE-P] announced its financial results after the market closed on November 6th (16:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 8.81 billion yen, an increase of 42.1% compared to the same period last year. The progress rate against the 20.8 billion yen full-year plan was 42.4%, exceeding the five-year average of 35.3%.

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 decrease by 7.4% from the same period last year to 11.9 billion yen.

At the same time, In conjunction with a Tender Offer Bid (TOB), the company has decided to forgo the the second half of 43 yen for the current fiscal year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 9.0% from the same period last year, reaching 5.11 billion yen. The operating profit margin remained almost flat, changing from 9.3% in the same period last year to 9.3%.

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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	92,765	8,319	8,683	5,175	63.0	42.0	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	93,114	6,344	6,200	4,210	51.3	32.4	Nov 1, 2023	J-GAAP
Apr - Sep, 2024	100,657	8,960	8,812	6,402	80.7	42.4	Nov 6, 2024	J-GAAP
YoY	+8.1%	+41.2%	+42.1%	+52.1%	+57.2%

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	100,500	8,900	8,800	6,400	80.7	43	Oct 30, 2024	J-GAAP
Apr - Sep, 2024 Results	100,657	8,960	8,812	6,402	80.7	43	Nov 6, 2024	J-GAAP
Revision Rate	+0.2%	+0.7%	+0.1%	+0.0%	+0.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	220,000	21,000	20,800	14,400	181.5	86	May 8, 2024	J-GAAP
Mar, 2025 New	220,000	21,000	20,800	14,400	181.5	43	Nov 6, 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
Oct - Mar, 2023	112,013	13,189	12,951	9,510	117.7	40	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	119,343	12,040	11,988	7,998	100.8	0	Nov 6, 2024	J-GAAP
YoY	+6.5%	-8.7%	-7.4%	-15.9%	-14.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	209,680	20,635	20,660	14,458	176.0	74	May 9, 2023	J-GAAP
Mar, 2024	205,127	19,533	19,151	13,720	169.8	77	May 8, 2024	J-GAAP
Mar, 2025 Guidance	220,000	21,000	20,800	14,400	181.5	43	Nov 6, 2024	J-GAAP
YoY	+7.3%	+7.5%	+8.6%	+5.0%	+6.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	50,526	4,679	4,698	3,196	39.0	9.3	Nov 1, 2023	J-GAAP
Oct - Dec, 2023	49,899	5,751	5,436	3,727	45.9	11.5	Feb 2, 2024	J-GAAP
Jan - Mar, 2024	62,114	7,438	7,515	5,783	71.6	12.0	May 8, 2024	J-GAAP
Apr - Jun, 2024	45,624	3,828	3,693	2,569	32.4	8.4	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	55,033	5,132	5,119	3,833	48.3	9.3	Nov 6, 2024	J-GAAP
YoY	+8.9%	+9.7%	+9.0%	+19.9%	+24.0%