TAMAI STEAMSHIP CO., LTD., The Current Fiscal Year Net Income Revised Upward to an Unexpected 3.4 times Increase, Highest in Three Terms, The Undetermined Dividend Set at 80 yen

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Thu Nov 7, 2024 2:30 pm JST Earnings

9127 TAMAI STEAMSHIP CO., LTD. 【J-GAAP】

Earnings Report

TAMAI STEAMSHIP CO., LTD. <9127> [TSE-S] announced its financial results in the afternoon session on November 7th (14:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 18.0% from the same period last year, reaching 367 million yen.

In addition, the full-year consolidated net income has been revised upward by 6.0 times, from the previous forecast of 420 million yen to 2.52 billion yen (compared to 731 million yen in the previous period), reaches new record high for the first time in three terms, turning to a 3.4 times increase in the consolidated net income outlook.

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 surge by 5.1 times that of the same period last year, reaching 2.15 billion yen.

In light of the strong performance, the company has decided to implement a year-end lump-sum dividend of 80 yen for the current fiscal year, which was previously undecided (compared to 80 yen in the prior term).

In the most recent three-month period, from July to September (2Q), the consolidated net income increased by 63.8% from the same period last year, reaching 113 million yen. The operating profit margin drastically improved from 4.0% in the same period last year to 15.0%.

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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	4,561	1,165	1,263	880	456.3	106.6	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	3,429	343	442	311	161.3	44.4	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	2,780	445	448	367	190.3	54.0	Nov 7, 2024	J-GAAP
YoY	-18.9%	+29.7%	+1.4%	+18.0%	+18.0%

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	3,100	470	470	360	186.5	－	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	2,780	445	448	367	190.3	－	Nov 7, 2024	J-GAAP
Revision Rate	-10.3%	-5.3%	-4.7%	+1.9%	+2.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	6,000	640	640	420	217.6	－	May 15, 2024	J-GAAP
Mar, 2025 New	5,300	840	830	2,520	1,305.6	80	Nov 7, 2024	J-GAAP
Revision Rate	-11.7%	+31.3%	+29.7%	+500.0%	+500.0%

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	2,790	527	553	420	217.8	80	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,520	395	382	2,153	1,115.5	80	Nov 7, 2024	J-GAAP
YoY	-9.7%	-25.0%	-30.9%	+412.6%	+412.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,307	1,316	1,185	820	425.3	80	May 15, 2023	J-GAAP
Mar, 2024	6,219	870	995	731	379.0	80	May 15, 2024	J-GAAP
Mar, 2025 Guidance	5,300	840	830	2,520	1,305.6	80	Nov 7, 2024	J-GAAP
YoY	-14.8%	-3.4%	-16.6%	+244.7%	+244.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,565	63	87	69	35.8	4.0	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	1,605	344	305	198	102.7	21.4	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	1,185	183	248	222	115.1	15.4	May 15, 2024	J-GAAP
Apr - Jun, 2024	1,430	242	339	254	131.7	16.9	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	1,350	203	109	113	58.6	15.0	Nov 7, 2024	J-GAAP
YoY	-13.7%	+222.2%	+25.3%	+63.8%	+63.7%