NIHON DEMPA KOGYO CO., LTD., First Half Net Income Unexpectedly Revised Upward by 18%

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Fri Nov 8, 2024 3:30 pm JST Earnings

6779 NIHON DEMPA KOGYO CO., LTD. 【IFRS】

Earnings Report

NIHON DEMPA KOGYO CO., LTD. <6779> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 8th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 18.2% from the same period last year, reaching 1.4 billion yen, resulting in an increase in profits compared to the previous forecast of a 16.0% decrease.

The progress rate against the 2.5 billion yen full-year plan was 56.3%, also surpassing the five-year average of 49.9%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to decrease by 4.5% from the same period last year to 1.09 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 735 million yen, a 29.1% decrease compared to the same period last year. The operating profit margin worsened from 9.4% in the same period last year to 8.5%.

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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	26,501	4,041	3,927	3,352	146.5	52.7	Nov 8, 2022	IFRS
Apr - Sep, 2023	24,665	1,864	1,419	1,190	51.5	45.3	Nov 8, 2023	IFRS
Apr - Sep, 2024	26,308	2,363	1,856	1,407	61.0	58.0	Nov 8, 2024	IFRS
YoY	+6.7%	+26.8%	+30.8%	+18.2%	+18.5%

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	25,500	1,900	1,300	1,000	43.4	15	May 13, 2024	IFRS
Apr - Sep, 2024 Results	26,308	2,363	1,856	1,407	61.0	15	Nov 8, 2024	IFRS
Revision Rate	+3.2%	+24.4%	+42.8%	+40.7%	+40.7%

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	25,644	2,480	1,710	1,144	49.6	15	May 13, 2024	IFRS
Oct - Mar, 2024 Guidance	26,192	2,137	1,344	1,093	47.4	15	Nov 8, 2024	IFRS
YoY	+2.1%	-13.8%	-21.4%	-4.5%	-4.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	52,508	8,327	7,450	6,181	268.7	20	May 11, 2023	IFRS
Mar, 2024	50,309	4,344	3,129	2,334	101.1	25	May 13, 2024	IFRS
Mar, 2025 Guidance	52,500	4,500	3,200	2,500	108.4	30	May 13, 2024	IFRS
YoY	+4.4%	+3.6%	+2.3%	+7.1%	+7.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	13,066	1,228	1,180	1,036	44.8	9.4	Nov 8, 2023	IFRS
Oct - Dec, 2023	12,836	1,401	1,096	772	33.5	10.9	Feb 7, 2024	IFRS
Jan - Mar, 2024	12,808	1,079	614	372	16.1	8.4	May 13, 2024	IFRS
Apr - Jun, 2024	12,623	1,199	970	672	29.2	9.5	Aug 7, 2024	IFRS
Jul - Sep, 2024	13,685	1,164	886	735	31.9	8.5	Nov 8, 2024	IFRS
YoY	+4.7%	-5.2%	-24.9%	-29.1%	-28.9%