Mitsui Chemicals, Inc., The Current Fiscal Year Net Income Revised Downward by 23%

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Thu Nov 7, 2024 1:00 pm JST Earnings

4183 Mitsui Chemicals, Inc. 【IFRS】

Earnings Report

Mitsui Chemicals, Inc. <4183> [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 7.5% from the same period last year, reaching 22.2 billion yen.

However, the full-year consolidated net income has downwardly by 23.3%, from the previous forecast of 73 billion yen to 56 billion yen (compared to 49.9 billion yen in the previous period), leading to a reduction in the profit growth rate from 46.0% to 12.0%.

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 grow by 15.2% from the same period last year, reaching 33.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income significantly dropped to 4.34 billion yen, a 60.9% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 4.2% in the same period last year to 4.3%.

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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	951,077	72,508	70,654	44,353	229.5	60.2	Nov 8, 2022	IFRS
Apr - Sep, 2023	823,655	31,245	32,978	20,687	108.8	45.0	Nov 8, 2023	IFRS
Apr - Sep, 2024	890,351	45,992	40,836	22,229	116.9	47.5	Nov 7, 2024	IFRS
YoY	+8.1%	+47.2%	+23.8%	+7.5%	+7.4%

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	910,000	46,000	43,000	29,000	152.5	75	Aug 6, 2024	IFRS
Apr - Sep, 2024 Results	890,351	45,992	40,836	22,229	116.9	75	Nov 7, 2024	IFRS
Revision Rate	-2.2%	0.0%	-5.0%	-23.3%	-23.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,850,000	113,000	107,000	73,000	389.7	150	May 15, 2024	IFRS
Mar, 2025 New	1,770,000	94,000	86,000	56,000	298.9	150	Nov 7, 2024	IFRS
Revision Rate	-4.3%	-16.8%	-19.6%	-23.3%	-23.3%

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	926,088	42,879	40,353	29,312	154.2	70	May 15, 2024	IFRS
Oct - Mar, 2024 Guidance	879,649	48,008	45,164	33,771	180.3	75	Nov 7, 2024	IFRS
YoY	-5.0%	+12.0%	+11.9%	+15.2%	+16.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,879,547	128,998	117,278	82,936	431.2	120	May 12, 2023	IFRS
Mar, 2024	1,749,743	74,124	73,331	49,999	263.0	140	May 15, 2024	IFRS
Mar, 2025 Guidance	1,770,000	94,000	86,000	56,000	298.9	150	Nov 7, 2024	IFRS
YoY	+1.2%	+26.8%	+17.3%	+12.0%	+13.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	415,730	17,358	18,827	11,096	58.4	4.2	Nov 8, 2023	IFRS
Oct - Dec, 2023	450,875	28,778	26,196	16,574	87.2	6.4	Feb 7, 2024	IFRS
Jan - Mar, 2024	475,213	14,101	14,157	12,738	67.0	3.0	May 15, 2024	IFRS
Apr - Jun, 2024	449,471	27,202	29,273	17,889	94.1	6.1	Aug 6, 2024	IFRS
Jul - Sep, 2024	440,880	18,790	11,563	4,340	22.8	4.3	Nov 7, 2024	IFRS
YoY	+6.0%	+8.2%	-38.6%	-60.9%	-60.9%