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Chugoku Electric Power, The Current Fiscal Year Ordinary Profit Revised Upward by 30%, Dividend Revised Upward by 5 yen

Fri Jan 31, 2025 2:00 pm JST Earnings

9504 The Chugoku Electric Power Company, Incorporated 【J-GAAP】

Earnings Report

The Chugoku Electric Power Company, Incorporated <9504> [TSE Prime] announced its financial results in the afternoon session on January 31st (14:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) dropped 43.1% from the same period last year to 94.1 billion yen.

However, the full-year consolidated ordinary profit has been revised upward 30.0%, from the previous forecast of 70 billion yen to 91 billion yen (compared to 194 billion yen in the previous period), and the declining rate is expected to decrease from 63.9% to 53.1%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has been revised upward 5.6 times, from the previous forecast of 4.6 billion yen to 25.6 billion yen (compared to 32.1 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 85.7% to 20.4%.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 10 yen to 15 yen (compared to 35 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit surged 8.4 times that of the same period last year, reaching 28.7 billion yen. The operating profit margin improved from 3.0% in the same period last year to 5.7%.

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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
Apr - Dec, 2022 1,179,887 -106,936 -123,960 -166,734 -462.8 Jan 31, 2023 J-GAAP
Apr - Dec, 2023 1,204,828 175,865 165,373 120,504 334.5 85.2 Jan 31, 2024 J-GAAP
Apr - Dec, 2024 1,096,411 89,953 94,175 78,743 218.8 103.5 Jan 31, 2025 J-GAAP
YoY -9.0% -48.9% -43.1% -34.7% -34.6%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 Prev 748,094 10,111 4,600 2,338 6.5 5 Oct 31, 2024 J-GAAP
Oct - Mar, 2024 New 738,094 23,111 25,600 18,338 51.0 10 Jan 31, 2025 J-GAAP
Revision Rate -1.3% +128.6% +456.5% +684.3% +684.6%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 1,490,000 80,000 70,000 54,000 150.2 10 Oct 31, 2024 J-GAAP
Mar, 2025 New 1,480,000 93,000 91,000 70,000 194.7 15 Jan 31, 2025 J-GAAP
Revision Rate -0.7% +16.3% +30.0% +29.6% +29.6%

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 787,238 41,713 32,143 10,473 29.1 30 Apr 30, 2024 J-GAAP
Oct - Mar, 2024 Guidance 738,094 23,111 25,600 18,338 51.0 10 Jan 31, 2025 J-GAAP
YoY -6.2% -44.6% -20.4% +75.1% +75.4%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 1,694,602 -68,892 -106,780 -155,378 -431.3 0 Apr 28, 2023 J-GAAP
Mar, 2024 1,628,785 206,777 194,076 133,501 370.6 35 Apr 30, 2024 J-GAAP
Mar, 2025 Guidance 1,480,000 93,000 91,000 70,000 194.7 15 Jan 31, 2025 J-GAAP
YoY -9.1% -55.0% -53.1% -47.6% -47.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2023 363,281 10,801 3,440 -2,524 -7.0 3.0 Jan 31, 2024 J-GAAP
Jan - Mar, 2024 423,957 30,912 28,703 12,997 36.1 7.3 Apr 30, 2024 J-GAAP
Apr - Jun, 2024 330,344 34,865 37,359 23,362 64.9 10.6 Jul 31, 2024 J-GAAP
Jul - Sep, 2024 411,562 35,024 28,041 28,300 78.6 8.5 Oct 31, 2024 J-GAAP
Oct - Dec, 2024 354,505 20,064 28,775 27,081 75.3 5.7 Jan 31, 2025 J-GAAP
YoY -2.4% +85.8% +736.5%

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