Renewable Japan Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 75% Decrease

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Thu Nov 14, 2024 5:00 pm JST Earnings

9522 Renewable Japan Co.,Ltd. 【J-GAAP】

Earnings Report

Renewable Japan Co.,Ltd. <9522> [TSE-G] announced its financial results after the market closed on November 14th (17:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) significantly dropped by 51.5% from the same period last year to 913 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 80.2%, from the previous forecast of 2.52 billion yen to 500 million yen (compared to 2.02 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 75.3% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 98.2%, from the previous forecast of 2.05 billion yen to 36 million yen (compared to 684 million yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 94.7% decrease in profit.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit decreased to 449 million yen, a 16.7% decrease compared to the same period last year. The operating profit margin decreased from 21.0% in the same period last year to 20.5%.

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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	12,723	1,027	-1,023	-1,277	-44.2	ー	Nov 14, 2022	J-GAAP
Jan - Sep, 2023	14,466	2,826	1,883	1,084	36.8	92.9	Nov 14, 2023	J-GAAP
Jan - Sep, 2024	13,366	2,467	913	608	20.4	182.6	Nov 14, 2024	J-GAAP
YoY	-7.6%	-12.7%	-51.5%	-43.9%	-44.6%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	11,820	3,585	2,056	1,287	42.6	0	Aug 14, 2024	J-GAAP
Jul - Dec, 2024 New	8,780	1,185	36	1,287	42.6	0	Nov 14, 2024	J-GAAP
Revision Rate	-25.7%	-66.9%	-98.2%	0.0%	0.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	20,540	5,100	2,520	1,500	49.6	0	Feb 13, 2024	J-GAAP
Dec, 2024 New	17,500	2,700	500	1,500	49.6	0	Nov 14, 2024	J-GAAP
Revision Rate	-14.8%	-47.1%	-80.2%	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
Jul - Dec, 2023	24,136	1,813	684	224	7.6	0	Feb 13, 2024	J-GAAP
Jul - Dec, 2024 Guidance	8,780	1,185	36	1,287	42.6	0	Nov 14, 2024	J-GAAP
YoY	-63.6%	-34.6%	-94.7%	+474.6%	+460.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	17,718	1,289	-1,360	-1,526	-52.7	0	Feb 13, 2023	J-GAAP
Dec, 2023	33,604	3,591	2,028	1,088	36.9	0	Feb 13, 2024	J-GAAP
Dec, 2024 Guidance	17,500	2,700	500	1,500	49.6	0	Nov 14, 2024	J-GAAP
YoY	-47.9%	-24.8%	-75.3%	+37.9%	+34.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	4,998	1,048	539	220	7.5	21.0	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	19,138	765	145	4	0.1	4.0	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	3,872	355	-174	-178	-6.0	9.2	May 13, 2024	J-GAAP
Apr - Jun, 2024	4,848	1,160	638	391	13.1	23.9	Aug 14, 2024	J-GAAP
Jul - Sep, 2024	4,646	952	449	395	13.2	20.5	Nov 14, 2024	J-GAAP
YoY	-7.0%	-9.2%	-16.7%	+79.5%	+77.3%