GNI Group Ltd., January-September (Third Quarter Cumulative) Net Income Decreases by 41%

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Thu Nov 14, 2024 4:00 pm JST Earnings

2160 GNI Group Ltd. 【IFRS】

Earnings Report

GNI Group Ltd. <2160> [TSE-G] announced its financial results (based on IFRS) after the market closed on November 14th (16:00). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) dropped by 41.0% from the same period last year to 1.3 billion yen. The progress rate against the 7.05 billion yen full-year plan was 18.5%, also falling below the five-year average of 123.6%.

Based on the third-quarter cumulative performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to December period (4Q) is expected to decrease by 2.2% from the same period last year to 5.75 billion yen.

In the most recent three-month period, from July to September (3Q), the consolidated net income increased by 75.7% from the same period last year, reaching 975 million yen. However, the operating profit margin significantly dropped from 20.6% in the same period last year to 10.6%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	12,761	1,494	1,223	1,076	22.7	159.5	Nov 14, 2022	IFRS
Jan - Sep, 2023	20,547	6,802	6,376	2,213	46.6	50.6	Nov 14, 2023	IFRS
Jan - Sep, 2024	17,192	2,342	1,806	1,305	26.1	11.6	Nov 14, 2024	IFRS
YoY	-16.3%	-65.6%	-71.7%	-41.0%	-44.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	11,914	7,632	7,495	6,436	134.8	0	Feb 14, 2024	IFRS
Jul - Dec, 2024 Guidance	27,833	14,524	14,721	6,728	134.2	0	Aug 14, 2024	IFRS
YoY	+133.6%	+90.3%	+96.4%	+4.5%	-0.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	17,418	1,377	767	388	8.2	0	Feb 15, 2023	IFRS
Dec, 2023	26,010	13,108	12,612	8,094	169.5	0	Feb 14, 2024	IFRS
Dec, 2024 Guidance	39,566	16,286	15,552	7,058	140.7	0	Feb 14, 2024	IFRS
YoY	+52.1%	+24.2%	+23.3%	-12.8%	-17.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	6,451	1,326	1,259	555	11.7	20.6	Nov 14, 2023	IFRS
Oct - Dec, 2023	5,463	6,306	6,236	5,881	123.2	115.4	Feb 14, 2024	IFRS
Jan - Mar, 2024	5,948	2,283	1,827	1,454	29.2	38.4	May 15, 2024	IFRS
Apr - Jun, 2024	5,785	-521	-996	-1,124	-22.5	-9.0	Aug 14, 2024	IFRS
Jul - Sep, 2024	5,459	580	975	975	19.5	10.6	Nov 14, 2024	IFRS
YoY	-15.4%	-56.3%	-22.6%	+75.7%	+66.9%