WELLNEO SUGAR Co., Ltd., First Half Net Income Unexpectedly Revised Upward by 12%

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Thu Nov 7, 2024 1:00 pm JST Earnings

2117 WELLNEO SUGAR Co., Ltd. 【IFRS】

Earnings Report

WELLNEO SUGAR Co., Ltd. <2117> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on November 7th (13:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 12.1% from the same period last year, reaching 3.46 billion yen, resulting in an increase in profits compared to the previous forecast of a 12.5% decrease.

The progress rate against the 5 billion yen full-year plan was 69.2%, also surpassing the five-year average of 51.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to drop by 36.9% from the same period last year to 1.53 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income increased by 51.9% from the same period last year, reaching 1.84 billion yen. The operating profit margin significantly improved from 6.8% in the same period last year to 10.6%.

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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	24,601	724	790	435	19.7	43.8	Nov 8, 2022	IFRS
Apr - Sep, 2023	44,965	2,678	4,202	3,087	94.3	55.1	Nov 8, 2023	IFRS
Apr - Sep, 2024	48,221	4,828	4,967	3,462	105.7	70.0	Nov 7, 2024	IFRS
YoY	+7.2%	+80.3%	+18.2%	+12.1%	+12.1%

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	48,000	3,800	3,800	2,700	82.4	46	May 14, 2024	IFRS
Apr - Sep, 2024 Results	48,221	4,828	4,967	3,462	105.7	46	Nov 7, 2024	IFRS
Revision Rate	+0.5%	+27.1%	+30.7%	+28.2%	+28.2%

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	47,227	3,124	3,425	2,437	74.4	56	May 14, 2024	IFRS
Oct - Mar, 2024 Guidance	46,779	2,172	2,133	1,538	46.9	46	Nov 7, 2024	IFRS
YoY	-0.9%	-30.5%	-37.7%	-36.9%	-37.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	58,347	1,606	1,804	1,062	43.3	70	May 12, 2023	IFRS
Mar, 2024	92,192	5,802	7,627	5,524	168.6	102	May 14, 2024	IFRS
Mar, 2025 Guidance	95,000	7,000	7,100	5,000	152.4	92	May 14, 2024	IFRS
YoY	+3.0%	+20.6%	-6.9%	-9.5%	-9.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	22,448	1,526	1,588	1,211	37.0	6.8	Nov 8, 2023	IFRS
Oct - Dec, 2023	25,020	2,338	2,436	1,751	53.5	9.3	Feb 8, 2024	IFRS
Jan - Mar, 2024	22,207	786	989	686	20.9	3.5	May 14, 2024	IFRS
Apr - Jun, 2024	24,400	2,313	2,387	1,622	49.5	9.5	Aug 5, 2024	IFRS
Jul - Sep, 2024	23,821	2,515	2,580	1,840	56.2	10.6	Nov 7, 2024	IFRS
YoY	+6.1%	+64.8%	+62.5%	+51.9%	+51.9%