Inui Global Logistics Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 21% Decrease, Dividend Revised Upward by 87.05 yen

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Fri Nov 8, 2024 3:00 pm JST Earnings

9308 Inui Global Logistics Co., Ltd. 【J-GAAP】

Earnings Report

Inui Global Logistics Co., Ltd. <9308> [TSE-S] announced its financial results in the afternoon session on November 8th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) surged by 2.5 times that of the same period last year, reaching 2.7 billion yen.

However, the full-year consolidated ordinary profit has downwardly by 43.0%, from the previous forecast of 2.64 billion yen to 1.5 billion yen (compared to 1.91 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 21.3% decrease in profit. However, the full-year consolidated net income has been revised upward by 3.3 times, from the previous forecast of 2.07 billion yen to 6.82 billion yen (compared to 1.19 billion yen in the previous period), increasing the growth rate from 74.0% to 5.7 times.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the October to March period (second half) is expected to turn into a loss of 1.2 billion yen (compared to a profit of 820 million yen in the same period last year).

At the same time, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 24.84 yen to 111.89 yen (compared to 14.28 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged to 4.1 times that of the same period last year, reaching 1.09 billion yen. The operating profit margin drastically improved from 1.9% in the same period last year to 14.7%.

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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	26,293	10,464	11,224	7,659	306.1	83.6	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	14,943	852	1,097	299	12.0	57.2	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	16,696	2,824	2,709	3,261	129.9	179.6	Nov 8, 2024	J-GAAP
YoY	+11.7%	+231.5%	+146.9%	+990.6%	+986.0%

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	17,205	2,837	2,854	2,698	107.4	6	Aug 8, 2024	J-GAAP
Apr - Sep, 2024 Results	16,696	2,824	2,709	3,261	129.9	6	Nov 8, 2024	J-GAAP
Revision Rate	-3.0%	-0.5%	-5.1%	+20.9%	+21.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	34,675	2,619	2,644	2,078	82.7	24.84	Aug 8, 2024	J-GAAP
Mar, 2025 New	32,326	1,573	1,508	6,824	271.5	111.89	Nov 8, 2024	J-GAAP
Revision Rate	-6.8%	-39.9%	-43.0%	+228.4%	+228.4%

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	14,551	826	820	895	35.7	11.28	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	15,630	-1,251	-1,201	3,563	141.8	105.89	Nov 8, 2024	J-GAAP
YoY	+7.4%	－	－	+298.1%	+297.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	44,267	13,067	13,431	9,857	393.7	184	May 12, 2023	J-GAAP
Mar, 2024	29,494	1,678	1,917	1,194	47.6	14.28	May 13, 2024	J-GAAP
Mar, 2025 Guidance	32,326	1,573	1,508	6,824	271.5	111.89	Nov 8, 2024	J-GAAP
YoY	+9.6%	-6.3%	-21.3%	+471.5%	+469.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	7,046	131	266	78	3.1	1.9	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	7,137	313	146	466	18.6	4.4	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	7,414	513	674	429	17.1	6.9	May 13, 2024	J-GAAP
Apr - Jun, 2024	8,418	1,607	1,617	882	35.2	19.1	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	8,278	1,217	1,092	2,379	94.8	14.7	Nov 8, 2024	J-GAAP
YoY	+17.5%	+829.0%	+310.5%	+2,950.0%	+2,937.2%