FUJI OIL HOLDINGS INC., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 10% Increase

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Mon Nov 11, 2024 3:30 pm JST Earnings

2607 FUJI OIL HOLDINGS INC. 【J-GAAP】

Earnings Report

FUJI OIL HOLDINGS INC. <2607> [TSE-P] announced its financial results after the market closed on November 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 71.5% from the same period last year to 2.36 billion yen, fell short of the previous forecast of 6.5 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 15.6%, from the previous forecast of 16 billion yen to 18.5 billion yen (compared to 16.7 billion yen in the previous period), turning to a 10.2% increase in the consolidated ordinary profit outlook.

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 expand by 90.0% from the same period last year, reaching 16.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 4.14 billion yen (compared to a profit of 5.02 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 3.7% in the same period last year to -1.7%.

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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	268,398	5,065	5,363	3,227	37.6	55.3	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	271,038	8,800	8,300	12,365	143.8	49.4	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	315,959	4,655	2,367	1,007	11.7	12.8	Nov 11, 2024	J-GAAP
YoY	+16.6%	-47.1%	-71.5%	-91.9%	-91.9%

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	315,000	9,000	6,500	4,000	46.5	26	Aug 9, 2024	J-GAAP
Apr - Sep, 2024 Results	315,959	4,655	2,367	1,007	11.7	26	Nov 11, 2024	J-GAAP
Revision Rate	+0.3%	-48.3%	-63.6%	-74.8%	-74.8%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	600,000	20,000	16,000	10,000	116.3	52	May 9, 2024	J-GAAP
Mar, 2025 New	645,000	23,500	18,500	12,000	139.6	52	Nov 11, 2024	J-GAAP
Revision Rate	+7.5%	+17.5%	+15.6%	+20.0%	+20.0%

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	293,049	9,413	8,491	-5,841	-68.0	26	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	329,041	18,845	16,133	10,993	127.9	26	Nov 11, 2024	J-GAAP
YoY	+12.3%	+100.2%	+90.0%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	557,410	10,940	9,690	6,126	71.3	52	May 10, 2023	J-GAAP
Mar, 2024	564,087	18,213	16,791	6,524	75.9	52	May 9, 2024	J-GAAP
Mar, 2025 Guidance	645,000	23,500	18,500	12,000	139.6	52	Nov 11, 2024	J-GAAP
YoY	+14.3%	+29.0%	+10.2%	+83.9%	+83.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	139,985	5,216	5,026	3,295	38.3	3.7	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	150,500	4,097	3,329	-7,393	-86.0	2.7	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	142,549	5,316	5,162	1,552	18.1	3.7	May 9, 2024	J-GAAP
Apr - Jun, 2024	152,375	7,440	6,514	4,668	54.3	4.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	163,584	-2,785	-4,147	-3,661	-42.6	-1.7	Nov 11, 2024	J-GAAP
YoY	+16.9%	－	－	－	－