Shibusawa Warehouse, The Current Fiscal Year Ordinary Profit Revised Upward by 2%, Dividend Revised Upward by 10 yen

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Wed Feb 12, 2025 3:30 pm JST Earnings

9304 The Shibusawa Warehouse Co.,Ltd. 【J-GAAP】

Earnings Report

The Shibusawa Warehouse Co.,Ltd. <9304> [TSE Prime] announced its financial results after the market closed on February 12th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 9.9% from the same period last year, reaching 4.53 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward 1.9%, from the previous forecast of 5.4 billion yen to 5.5 billion yen (compared to 5.09 billion yen in the previous period), increasing the growth rate from 6.1% to 8.0%.

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 4.4%, from the previous forecast of 2.26 billion yen to 2.36 billion yen (compared to 2.45 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 7.7% to 3.6%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 120 yen to 130 yen (compared to 100 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 1.4 billion yen, a 5.9% decrease compared to the same period last year. The operating profit margin worsened from 6.7% in the same period last year to 5.5%.

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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
Apr - Dec, 2022	60,205	3,878	4,724	3,593	236.8	80.8	Feb 8, 2023	J-GAAP
Apr - Dec, 2023	55,961	3,406	4,122	2,748	181.4	81.0	Feb 8, 2024	J-GAAP
Apr - Dec, 2024	59,712	3,779	4,531	4,122	282.3	82.4	Feb 12, 2025	J-GAAP
YoY	+6.7%	+11.0%	+9.9%	+50.0%	+55.6%

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	38,411	2,022	2,269	1,855	128.9	60	Nov 7, 2024	J-GAAP
Oct - Mar, 2024 New	38,911	2,022	2,369	2,155	149.7	70	Feb 12, 2025	J-GAAP
Revision Rate	+1.3%	0.0%	+4.4%	+16.2%	+16.2%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	78,000	4,700	5,400	4,500	312.6	120	Oct 15, 2024	J-GAAP
Mar, 2025 New	78,500	4,700	5,500	4,800	333.5	130	Feb 12, 2025	J-GAAP
Revision Rate	+0.6%	0.0%	+1.9%	+6.7%	+6.7%

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	36,323	2,123	2,457	1,976	130.4	55	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	38,911	2,022	2,369	2,155	149.7	70	Feb 12, 2025	J-GAAP
YoY	+7.1%	-4.8%	-3.6%	+9.1%	+14.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	78,504	4,894	5,847	3,759	247.8	85	May 12, 2023	J-GAAP
Mar, 2024	73,417	4,271	5,091	3,728	246.1	100	May 10, 2024	J-GAAP
Mar, 2025 Guidance	78,500	4,700	5,500	4,800	333.5	130	Feb 12, 2025	J-GAAP
YoY	+6.9%	+10.0%	+8.0%	+28.8%	+35.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	18,867	1,258	1,488	996	65.7	6.7	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	17,456	865	969	980	64.7	5.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	19,470	1,263	1,690	1,629	110.0	6.5	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	20,119	1,415	1,441	1,016	69.2	7.0	Nov 7, 2024	J-GAAP
Oct - Dec, 2024	20,123	1,101	1,400	1,477	101.2	5.5	Feb 12, 2025	J-GAAP
YoY	+6.7%	-12.5%	-5.9%	+48.3%	+53.9%