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ICHIKAWA, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 14% Increase, Dividend Revised Upward by 5 yen

Fri Jan 31, 2025 3:00 pm JST Earnings

3513 ICHIKAWA CO., LTD. 【J-GAAP】

Earnings Report

ICHIKAWA CO., LTD. <3513> [TSE Std] announced its financial results in the afternoon session on January 31st (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 7.7% from the same period last year, reaching 1.19 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward 35.7%, from the previous forecast of 0.98 billion yen to 1.33 billion yen (compared to 1.16 billion yen in the previous period), turning to a 13.9% increase in the consolidated ordinary profit outlook.

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) is expected to increase 93.6%, from the previous forecast of 0.37 billion yen to 0.72 billion yen (compared to 0.33 billion yen in the same period of the previous year), increasing the growth rate from 12.3% to 2.2 times.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 75 yen to 80 yen (compared to 70 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit surged 2.1 times that of the same period last year, reaching 0.59 billion yen. The operating profit margin significantly improved from 8.9% in the same period last year to 12.6%.

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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
Apr - Dec, 2022 9,997 579 871 675 147.5 83.4 Jan 31, 2023 J-GAAP
Apr - Dec, 2023 10,086 935 1,111 765 170.1 95.1 Jan 31, 2024 J-GAAP
Apr - Dec, 2024 10,641 1,042 1,197 799 185.0 90.0 Jan 31, 2025 J-GAAP
YoY +5.5% +11.4% +7.7% +4.4% +8.7%

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 6,634 325 374 139 32.6 35 Oct 31, 2024 J-GAAP
Oct - Mar, 2024 New 6,984 535 724 399 93.7 40 Jan 31, 2025 J-GAAP
Revision Rate +5.3% +64.6% +93.6% +187.1% +187.0%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 13,500 890 980 540 126.8 75 Oct 31, 2024 J-GAAP
Mar, 2025 New 13,850 1,100 1,330 800 187.8 80 Jan 31, 2025 J-GAAP
Revision Rate +2.6% +23.6% +35.7% +48.1% +48.1%

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 6,743 466 333 431 96.4 35 May 15, 2024 J-GAAP
Oct - Mar, 2024 Guidance 6,984 535 724 399 93.7 40 Jan 31, 2025 J-GAAP
YoY +3.6% +14.8% +117.4% -7.4% -2.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 13,344 800 1,044 833 182.1 70 May 15, 2023 J-GAAP
Mar, 2024 13,603 1,115 1,168 1,018 227.8 70 May 15, 2024 J-GAAP
Mar, 2025 Guidance 13,850 1,100 1,330 800 187.8 80 Jan 31, 2025 J-GAAP
YoY +1.8% -1.3% +13.9% -21.4% -17.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2023 3,226 286 276 178 39.6 8.9 Jan 31, 2024 J-GAAP
Jan - Mar, 2024 3,517 180 57 253 56.6 5.1 May 15, 2024 J-GAAP
Apr - Jun, 2024 3,276 200 344 223 51.0 6.1 Jul 31, 2024 J-GAAP
Jul - Sep, 2024 3,590 365 262 178 41.0 10.2 Oct 31, 2024 J-GAAP
Oct - Dec, 2024 3,775 477 591 398 92.1 12.6 Jan 31, 2025 J-GAAP
YoY +17.0% +66.8% +114.1% +123.6% +132.8%

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