Idemitsu Kosan Co.,Ltd., First Half Ordinary Profit Decreases by 45%, Current Fiscal Year Dividend Revised Upward by 4 yen

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Tue Nov 12, 2024 1:00 pm JST Earnings

5019 Idemitsu Kosan Co.,Ltd. 【J-GAAP】

Earnings Report

Idemitsu Kosan Co.,Ltd. <5019> [TSE-P] announced its financial results in the afternoon session on November 12th (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 44.9% from the same period last year to 124 billion yen. The progress rate against the 188 billion yen full-year plan was 66.4%, below the five-year average of 73.4%.

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 significant drop by 60.3% from the same period last year to 63.1 billion yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 32 yen to 36 yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 11.9 billion yen (compared to a profit of 168 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 7.2% in the same period last year to -1.1%.

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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	4,814,088	354,077	381,220	280,798	188.9	118.6	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	4,024,462	202,921	226,460	164,946	114.9	58.8	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	4,504,025	97,330	124,883	99,442	73.0	66.4	Nov 12, 2024	J-GAAP
YoY	+11.9%	-52.0%	-44.9%	-39.7%	-36.5%

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	ー	ー	ー	ー	－	16	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	4,504,025	97,330	124,883	99,442	73.0	18	Nov 12, 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	8,700,000	169,000	188,000	125,000	95.1	32	May 14, 2024	J-GAAP
Mar, 2025 New	8,700,000	169,000	188,000	125,000	95.1	36	Nov 12, 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	4,694,739	143,395	158,786	63,572	44.9	16	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,195,975	71,670	63,117	25,558	19.5	18	Nov 12, 2024	J-GAAP
YoY	-10.6%	-50.0%	-60.3%	-59.8%	-56.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	9,456,281	282,442	321,525	253,646	170.7	24	May 9, 2023	J-GAAP
Mar, 2024	8,719,201	346,316	385,246	228,518	161.3	32	May 14, 2024	J-GAAP
Mar, 2025 Guidance	8,700,000	169,000	188,000	125,000	95.1	36	Nov 12, 2024	J-GAAP
YoY	-0.2%	-51.2%	-51.2%	-45.3%	-41.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,205,540	158,050	168,701	119,540	83.3	7.2	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	2,377,802	90,779	100,822	74,139	52.0	3.8	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	2,316,937	52,616	57,964	-10,567	-7.5	2.3	May 14, 2024	J-GAAP
Apr - Jun, 2024	2,260,289	122,511	136,828	95,022	69.2	5.4	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	2,243,736	-25,181	-11,945	4,420	3.2	-1.1	Nov 12, 2024	J-GAAP
YoY	+1.7%	－	－	-96.3%	-96.1%