Shin Nippon Air Technologies Co., Ltd., First Half Ordinary Profit Increases by 69%, Revises Dividend Forecast in Conjunction with Stock Split

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Mon Nov 11, 2024 1:00 pm JST Earnings

1952 Shin Nippon Air Technologies Co., Ltd. 【J-GAAP】

Earnings Report

Shin Nippon Air Technologies Co., Ltd. <1952> [TSE-P] announced its financial results in the afternoon session on November 11th (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 2.86 billion yen, an increase of 69.3% compared to the same period last year. However, The progress rate against the 9.8 billion yen full-year plan was 29.2%, almost the same as the five-year average of 27.2%.

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 13.7% from the same period last year to 6.93 billion yen.

At the same time, Due to a planned 1-to-2 stock split is scheduled for December 31, the annual dividend for the current fiscal year has been revised from the original plan of 120 yen to 90 yen (equivalent to 120 yen before the stock split), but the actual dividend remains unchanged.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 89.2% from the same period last year, reaching 1.78 billion yen. The operating profit margin improved from 3.7% in the same period last year to 5.8%.

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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	43,952	2,147	2,785	1,884	40.4	35.2	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	46,969	1,415	1,690	1,129	24.2	17.4	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	54,773	2,490	2,862	1,876	41.0	29.2	Nov 11, 2024	J-GAAP
YoY	+16.6%	+76.0%	+69.3%	+66.2%	+69.4%

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	ー	ー	ー	ー	－	30	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	54,773	2,490	2,862	1,876	41.0	30	Nov 11, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	81,009	7,820	8,035	6,039	130.8	35	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	78,227	6,810	6,938	6,124	134.0	30	Nov 11, 2024	J-GAAP
YoY	-3.4%	-12.9%	-13.7%	+1.4%	+2.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	112,234	7,124	7,914	5,597	119.9	40	May 11, 2023	J-GAAP
Mar, 2024	127,978	9,235	9,725	7,168	155.2	50	May 10, 2024	J-GAAP
Mar, 2025 Guidance	133,000	9,300	9,800	8,000	175.0	60	May 10, 2024	J-GAAP
YoY	+3.9%	+0.7%	+0.8%	+11.6%	+12.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	25,482	955	943	640	13.7	3.7	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	38,657	3,654	3,826	2,944	63.5	9.5	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	42,352	4,166	4,209	3,095	67.0	9.8	May 10, 2024	J-GAAP
Apr - Jun, 2024	24,905	760	1,078	699	15.3	3.1	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	29,868	1,730	1,784	1,177	25.8	5.8	Nov 11, 2024	J-GAAP
YoY	+17.2%	+81.2%	+89.2%	+83.9%	+87.4%