Suminoe, First Half Ordinary Profit Decreases by 74%, Revises Dividend Forecast in Conjunction with Stock Split

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Tue Jan 14, 2025 3:30 pm JST Earnings

3501 SUMINOE Co., Ltd. 【J-GAAP】

Earnings Report

SUMINOE Co., Ltd. <3501> [TSE Prime] announced its financial results after the market closed on January 14th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending May 2025 (June to November) significantly dropped 73.7% from the same period last year to 0.44 billion yen. The progress rate toward the full-year plan of 3.4 billion yen was 13.1%, also falling below the five-year average of 50.8%.

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 December to May period (2H) is expected to expand 49.6% from the same period last year, reaching 2.95 billion yen.

At the same time, Due to a planned 1-to-2 stock split is scheduled for February 28, the annual dividend for the current fiscal year has been revised from the original plan of 80 yen to 60 yen (equivalent to 80 yen before the stock split), but the actual dividend remains unchanged.

In the most recent three-month period, from September to November (2Q), the consolidated ordinary profit dropped to 0.58 billion yen, a 44.6% decrease compared to the same period last year. The operating profit margin worsened from 3.5% in the same period last year to 2.5%.

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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
Jun - Nov, 2022	45,407	-218	148	-687	-54.3	9.4	Jan 13, 2023	J-GAAP
Jun - Nov, 2023	51,409	1,405	1,693	753	58.0	46.2	Jan 12, 2024	J-GAAP
Jun - Nov, 2024	50,698	742	446	65	4.9	13.1	Jan 14, 2025	J-GAAP
YoY	-1.4%	-47.2%	-73.7%	-91.4%	-91.6%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun - Nov, 2024 Guidance	50,690	740	445	65	4.9	20	Jan 10, 2025	J-GAAP
Jun - Nov, 2024 Results	50,698	742	446	65	4.9	20	Jan 14, 2025	J-GAAP
Revision Rate	+0.0%	+0.3%	+0.2%	0.0%	-0.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
May, 2025 Prev	105,300	3,300	3,400	1,500	113.3	40	Jul 12, 2024	J-GAAP
May, 2025 New	105,300	3,300	3,400	1,500	113.3	40	Jan 14, 2025	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
Dec - May, 2023	52,069	1,895	1,975	121	9.2	17.50	Jul 12, 2024	J-GAAP
Dec - May, 2024 Guidance	54,602	2,558	2,954	1,435	108.3	20	Jan 14, 2025	J-GAAP
YoY	+4.9%	+35.0%	+49.6%	+1,086.0%	+1,084.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
May, 2023	94,828	1,294	1,575	320	25.3	27.50	Jul 14, 2023	J-GAAP
May, 2024	103,478	3,300	3,668	874	66.1	35	Jul 12, 2024	J-GAAP
May, 2025 Guidance	105,300	3,300	3,400	1,500	113.3	40	Jan 14, 2025	J-GAAP
YoY	+1.8%	0.0%	-7.3%	+71.6%	+71.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Sep - Nov, 2023	27,488	951	1,056	383	29.5	3.5	Jan 12, 2024	J-GAAP
Dec - Feb, 2023	25,770	782	803	302	23.0	3.0	Apr 11, 2024	J-GAAP
Mar - May, 2024	26,299	1,113	1,172	-181	-13.7	4.2	Jul 12, 2024	J-GAAP
Jun - Aug, 2024	24,567	82	-139	-462	-34.2	0.3	Oct 11, 2024	J-GAAP
Sep - Nov, 2024	26,131	660	585	527	39.7	2.5	Jan 14, 2025	J-GAAP
YoY	-4.9%	-30.6%	-44.6%	+37.6%	+34.3%