KYB Corporation, First Half Net Income Decreases by 37%, Revises Dividend Forecast in Conjunction with Stock Split

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Mon Nov 11, 2024 4:00 pm JST Earnings

7242 KYB Corporation 【IFRS】

Earnings Report

KYB Corporation <7242> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 11th (16:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 36.6% from the same period last year to 5.18 billion yen. The progress rate against the 13.5 billion yen full-year plan was 38.4%, also falling below the five-year average of 44.3%.

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 grow by 8.8% from the same period last year, reaching 8.31 billion yen.

At the same time, Due to a planned 1-to-2 stock split is scheduled for December 2, the annual dividend for the current fiscal year has been revised from the original plan of 200 yen to 150 yen (equivalent to 200 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 net income significantly dropped to 1.27 billion yen, a 58.8% decrease compared to the same period last year. The operating profit margin worsened from 4.3% in the same period last year to 2.1%.

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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	209,886	14,826	14,535	10,604	198.4	45.8	Nov 4, 2022	IFRS
Apr - Sep, 2023	217,906	11,121	10,670	8,170	151.5	50.0	Nov 7, 2023	IFRS
Apr - Sep, 2024	213,457	8,334	7,756	5,182	94.1	37.8	Nov 11, 2024	IFRS
YoY	-2.0%	-25.1%	-27.3%	-36.6%	-37.9%

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	ー	ー	ー	ー	－	50	May 10, 2024	IFRS
Apr - Sep, 2024 Results	213,457	8,334	7,756	5,182	94.1	50	Nov 11, 2024	IFRS
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	224,875	11,296	10,691	7,648	142.5	50	May 10, 2024	IFRS
Oct - Mar, 2024 Guidance	234,543	14,166	12,744	8,318	166.1	50	Nov 11, 2024	IFRS
YoY	+4.3%	+25.4%	+19.2%	+8.8%	+16.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	431,205	32,547	31,770	27,210	514.2	100	May 11, 2023	IFRS
Mar, 2024	442,781	22,417	21,361	15,818	294.8	100	May 10, 2024	IFRS
Mar, 2025 Guidance	448,000	22,500	20,500	13,500	269.5	100	May 10, 2024	IFRS
YoY	+1.2%	+0.4%	-4.0%	-14.7%	-8.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	110,638	4,740	4,300	3,100	57.5	4.3	Nov 7, 2023	IFRS
Oct - Dec, 2023	110,830	4,267	3,935	2,787	51.5	3.9	Feb 8, 2024	IFRS
Jan - Mar, 2024	114,045	7,029	6,756	4,861	90.6	6.2	May 10, 2024	IFRS
Apr - Jun, 2024	108,746	6,101	5,830	3,906	73.3	5.6	Aug 8, 2024	IFRS
Jul - Sep, 2024	104,711	2,233	1,926	1,276	23.2	2.1	Nov 11, 2024	IFRS
YoY	-5.4%	-52.9%	-55.2%	-58.8%	-59.7%