Toyo Sugar Refining, Apr-Dec (Cumulative 3Q) Ordinary Profit Decreases by 32%, Second Half Dividend Postponed

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Thu Feb 6, 2025 5:10 pm JST Earnings

2107 Toyo Sugar Refining Co., Ltd. 【J-GAAP】

Earnings Report

Toyo Sugar Refining Co., Ltd. <2107> [TSE Std] announced its financial results after the market closed on February 6th (17:10). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) dropped 32.5% from the same period last year to 1.14 billion yen. The progress rate toward the full-year plan of 1.3 billion yen was 87.8%, almost the same as the five-year average of 86.2%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the January to March period (4Q) is expected to drop 43.4% from the same period last year to 0.15 billion yen.

At the same time, In conjunction with a Tender Offer Bid (TOB), the company has decided to forgo the the second half of 35 yen for the current fiscal year.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 0.38 billion yen, a 5.9% decrease compared to the same period last year. However, the operating profit margin improved from 7.3% in the same period last year to 9.4%.

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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	11,422	411	494	352	64.6	89.7	Feb 9, 2023	J-GAAP
Apr - Dec, 2023	13,221	838	1,691	1,290	236.7	85.8	Feb 8, 2024	J-GAAP
Apr - Dec, 2024	14,060	1,146	1,142	798	146.4	87.8	Feb 6, 2025	J-GAAP
YoY	+6.3%	+36.8%	-32.5%	-38.1%	-38.2%

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	8,782	507	541	369	67.7	35	Nov 11, 2024	J-GAAP
Oct - Mar, 2024 New	8,782	507	541	369	67.7	0	Feb 6, 2025	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	0.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	18,000	1,200	1,300	900	165.1	70	Nov 11, 2024	J-GAAP
Mar, 2025 New	18,000	1,200	1,300	900	165.1	35	Feb 6, 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
Oct - Mar, 2023	8,815	517	686	505	92.6	57.50	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	8,782	507	541	369	67.7	0	Feb 6, 2025	J-GAAP
YoY	-0.4%	-1.9%	-21.1%	-26.9%	-26.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	15,131	455	551	459	84.2	35	May 11, 2023	J-GAAP
Mar, 2024	17,407	1,018	1,970	1,513	277.5	115	May 9, 2024	J-GAAP
Mar, 2025 Guidance	18,000	1,200	1,300	900	165.1	35	Feb 6, 2025	J-GAAP
YoY	+3.4%	+17.9%	-34.0%	-40.5%	-40.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	4,629	337	407	282	51.8	7.3	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	4,186	180	279	223	40.9	4.3	May 9, 2024	J-GAAP
Apr - Jun, 2024	4,669	302	327	231	42.5	6.5	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	4,549	391	432	300	55.1	8.6	Nov 11, 2024	J-GAAP
Oct - Dec, 2024	4,842	453	383	267	49.0	9.4	Feb 6, 2025	J-GAAP
YoY	+4.6%	+34.4%	-5.9%	-5.3%	-5.4%