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

Wed Feb 12, 2025 3:30 pm JST Earnings

9304 Shibusawa Logistics Corporation 【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 59.2 80.8 Feb 8, 2023 J-GAAP
Apr - Dec, 2023 55,961 3,406 4,122 2,748 45.3 81.0 Feb 8, 2024 J-GAAP
Apr - Dec, 2024 59,712 3,779 4,531 4,122 70.6 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 32.2 15 Nov 7, 2024 J-GAAP
Oct - Mar, 2024 New 38,911 2,022 2,369 2,155 37.4 17.50 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 78.2 30 Oct 15, 2024 J-GAAP
Mar, 2025 New 78,500 4,700 5,500 4,800 83.4 32.50 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 32.6 13.75 May 10, 2024 J-GAAP
Oct - Mar, 2024 Guidance 38,911 2,022 2,369 2,155 37.4 17.50 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 62.0 21.25 May 12, 2023 J-GAAP
Mar, 2024 73,417 4,271 5,091 3,728 61.5 25 May 10, 2024 J-GAAP
Mar, 2025 Guidance 78,500 4,700 5,500 4,800 83.4 32.50 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 16.4 6.7 Feb 8, 2024 J-GAAP
Jan - Mar, 2024 17,456 865 969 980 16.2 5.0 May 10, 2024 J-GAAP
Apr - Jun, 2024 19,470 1,263 1,690 1,629 27.5 6.5 Aug 7, 2024 J-GAAP
Jul - Sep, 2024 20,119 1,415 1,441 1,016 17.3 7.0 Nov 7, 2024 J-GAAP
Oct - Dec, 2024 20,123 1,101 1,400 1,477 25.3 5.5 Feb 12, 2025 J-GAAP
YoY +6.7% -12.5% -5.9% +48.3% +53.8%

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