TOKYO PRINTING INK MFG. CO., LTD., First Half Ordinary Profit Decreases by 42%, Current Fiscal Year Dividend Revised Upward by 40 yen

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Thu Nov 7, 2024 2:00 pm JST Earnings

4635 TOKYO PRINTING INK MFG. CO., LTD. 【J-GAAP】

Earnings Report

TOKYO PRINTING INK MFG. CO., LTD. <4635> [TSE-S] announced its financial results in the afternoon session on November 7th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 41.9% from the same period last year to 290 million yen. The progress rate against the 1.21 billion yen full-year plan was 24.0%, also falling below the five-year average of 37.2%.

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 expand by 88.9% from the same period last year, reaching 920 million yen.

At the same time, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 120 yen to 160 yen (compared to 100 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 68 million yen, a 26.1% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 0.8% in the same period last year to 1.0%.

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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	20,745	-109	147	113	43.4	3.1	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	21,267	253	499	383	146.1	50.6	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	22,257	267	290	304	114.6	24.0	Nov 7, 2024	J-GAAP
YoY	+4.7%	+5.5%	-41.9%	-20.6%	-21.5%

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	22,200	260	290	300	112.8	60	Oct 25, 2024	J-GAAP
Apr - Sep, 2024 Results	22,257	267	290	304	114.6	60	Nov 7, 2024	J-GAAP
Revision Rate	+0.3%	+2.7%	0.0%	+1.3%	+1.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	46,700	1,200	1,210	1,150	432.5	120	Oct 25, 2024	J-GAAP
Mar, 2025 New	46,700	1,200	1,210	1,150	432.5	160	Nov 7, 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	22,655	515	487	498	189.8	60	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	24,443	933	920	846	318.2	100	Nov 7, 2024	J-GAAP
YoY	+7.9%	+81.2%	+88.9%	+69.9%	+67.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	43,406	-21	4,783	1,645	627.5	160	May 15, 2023	J-GAAP
Mar, 2024	43,922	768	986	881	335.8	100	May 14, 2024	J-GAAP
Mar, 2025 Guidance	46,700	1,200	1,210	1,150	432.5	160	Nov 7, 2024	J-GAAP
YoY	+6.3%	+56.3%	+22.7%	+30.5%	+28.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	10,572	87	92	82	31.3	0.8	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	11,721	422	444	403	153.8	3.6	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	10,934	93	43	95	36.2	0.9	May 14, 2024	J-GAAP
Apr - Jun, 2024	10,993	152	222	164	61.8	1.4	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	11,264	115	68	140	52.8	1.0	Nov 7, 2024	J-GAAP
YoY	+6.5%	+32.2%	-26.1%	+70.7%	+68.8%