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

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 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

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 133,000 9,300 9,800 8,000 176.5 60 May 10, 2024 J-GAAP
Mar, 2025 New 133,000 9,300 9,800 8,000 176.5 60 Nov 11, 2024 J-GAAP
Revision Rate 0.0% 0.0% 0.0% 0.0% 0.0%

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 6,124 135.1 30 Nov 11, 2024 J-GAAP
YoY -3.4% -12.9% -13.7% +1.4% +3.3%

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 8,000 176.5 60 Nov 11, 2024 J-GAAP
YoY +3.9% +0.7% +0.8% +11.6% +13.7%

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%

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