The Shibusawa Warehouse Co.,Ltd., First Half Ordinary Profit Increases by 19%, July-September Ordinary Profit Increases by 9%

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Thu Nov 7, 2024 3:30 pm JST Earnings

9304 The Shibusawa Warehouse Co.,Ltd. 【J-GAAP】

Earnings Report

The Shibusawa Warehouse Co.,Ltd. <9304> [TSE-P] announced its financial results after the market closed on November 7th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 18.9% from the same period last year, reaching 3.13 billion yen. The progress rate against the 5.4 billion yen full-year plan was 58.0%, also surpassing the five-year average of 51.2%.

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 decrease by 7.7% from the same period last year to 2.26 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 8.6% from the same period last year, reaching 1.44 billion yen. The operating profit margin improved from 6.4% in the same period last year to 7.0%.

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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	39,357	2,454	3,051	2,426	159.8	52.2	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	37,094	2,148	2,634	1,752	115.7	51.7	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	39,589	2,678	3,131	2,645	180.2	58.0	Nov 7, 2024	J-GAAP
YoY	+6.7%	+24.7%	+18.9%	+51.0%	+55.8%

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	39,000	2,700	3,100	2,700	186.3	60	Oct 15, 2024	J-GAAP
Apr - Sep, 2024 Results	39,589	2,678	3,131	2,645	180.2	60	Nov 7, 2024	J-GAAP
Revision Rate	+1.5%	-0.8%	+1.0%	-2.0%	-3.3%

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	36,323	2,123	2,457	1,976	130.4	55	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	38,411	2,022	2,269	1,855	128.9	60	Nov 7, 2024	J-GAAP
YoY	+5.7%	-4.8%	-7.7%	-6.1%	-1.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	78,504	4,894	5,847	3,759	247.8	85	May 12, 2023	J-GAAP
Mar, 2024	73,417	4,271	5,091	3,728	246.1	100	May 10, 2024	J-GAAP
Mar, 2025 Guidance	78,000	4,700	5,400	4,500	312.6	120	Oct 15, 2024	J-GAAP
YoY	+6.2%	+10.0%	+6.1%	+20.7%	+27.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	18,713	1,196	1,327	897	59.2	6.4	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	18,867	1,258	1,488	996	65.7	6.7	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	17,456	865	969	980	64.7	5.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	19,470	1,263	1,690	1,629	110.0	6.5	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	20,119	1,415	1,441	1,016	69.2	7.0	Nov 7, 2024	J-GAAP
YoY	+7.5%	+18.3%	+8.6%	+13.3%	+16.9%