Nippon Beet Sugar Manufacturing Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 25%

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Fri Nov 8, 2024 2:00 pm JST Earnings

2108 Nippon Beet Sugar Manufacturing Co.,Ltd. 【J-GAAP】

Earnings Report

Nippon Beet Sugar Manufacturing Co.,Ltd. <2108> [TSE-P] announced its financial results in the afternoon session on November 8th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 57.3% from the same period last year to 759 million yen, fell short of the previous forecast of 1.3 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 25.0%, from the previous forecast of 1.2 billion yen to 900 million yen (compared to 1.8 billion yen in the previous period), leading to an increase in the profit decline rate from 33.4% to 50.1%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to surge by 5.4 times that of the same period last year, reaching 141 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 113 million yen, a 92.8% decrease compared to the same period last year. The operating profit margin drastically worsened from 9.7% in the same period last year to 1.5%.

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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	30,501	1,172	1,426	981	72.8	71.6	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	32,408	1,229	1,776	1,246	94.3	98.6	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	29,182	502	759	5,816	459.3	84.3	Nov 8, 2024	J-GAAP
YoY	-10.0%	-59.2%	-57.3%	+366.8%	+387.1%

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	30,000	900	1,300	6,300	505.8	－	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	29,182	502	759	5,816	459.3	－	Nov 8, 2024	J-GAAP
Revision Rate	-2.7%	-44.2%	-41.6%	-7.7%	-9.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	67,000	600	1,200	6,200	497.9	80	May 14, 2024	J-GAAP
Mar, 2025 New	66,000	300	900	5,900	473.8	80	Nov 8, 2024	J-GAAP
Revision Rate	-1.5%	-50.0%	-25.0%	-4.8%	-4.8%

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	36,889	-319	26	565	43.2	55	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	36,818	-202	141	84	6.8	80	Nov 8, 2024	J-GAAP
YoY	-0.2%	+36.7%	+442.3%	-85.1%	-84.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	65,013	1,506	1,993	1,260	93.6	50	May 12, 2023	J-GAAP
Mar, 2024	69,297	910	1,802	1,811	138.5	55	May 14, 2024	J-GAAP
Mar, 2025 Guidance	66,000	300	900	5,900	473.8	80	Nov 8, 2024	J-GAAP
YoY	-4.8%	-67.0%	-50.1%	+225.8%	+242.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	15,953	1,547	1,566	1,128	85.4	9.7	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	19,015	-880	-570	-461	-35.1	-4.6	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	17,874	561	596	1,026	78.5	3.1	May 14, 2024	J-GAAP
Apr - Jun, 2024	14,916	290	646	5,815	453.5	1.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	14,266	212	113	1	0.1	1.5	Nov 8, 2024	J-GAAP
YoY	-10.6%	-86.3%	-92.8%	-99.9%	-99.9%