Idemitsu Kosan, The Current Fiscal Year Ordinary Profit Revised Upward by 30%

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Wed Feb 12, 2025 3:30 pm JST Earnings

5019 Idemitsu Kosan Co.,Ltd. 【J-GAAP】

Earnings Report

Idemitsu Kosan Co.,Ltd. <5019> [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) dropped 49.3% from the same period last year to 165 billion yen.

However, the full-year consolidated ordinary profit has been revised upward 30.3%, from the previous forecast of 188 billion yen to 245 billion yen (compared to 385 billion yen in the previous period), and the declining rate is expected to decrease from 51.2% to 36.4%.

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 90.3%, from the previous forecast of 63.1 billion yen to 120 billion yen (compared to 158 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 60.3% to 24.4%.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit significantly dropped to 40.9 billion yen, a 59.4% decrease compared to the same period last year. The operating profit margin worsened from 3.8% in the same period last year to 1.1%.

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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	7,211,294	298,866	336,849	249,629	167.9	104.8	Feb 14, 2023	J-GAAP
Apr - Dec, 2023	6,402,264	293,700	327,282	239,085	167.8	85.0	Feb 13, 2024	J-GAAP
Apr - Dec, 2024	6,876,464	123,275	165,813	127,454	94.4	67.7	Feb 12, 2025	J-GAAP
YoY	+7.4%	-58.0%	-49.3%	-46.7%	-43.7%

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	4,195,975	71,670	63,117	25,558	20.9	18	Nov 12, 2024	J-GAAP
Oct - Mar, 2024 New	4,695,975	106,670	120,117	45,558	37.2	18	Feb 12, 2025	J-GAAP
Revision Rate	+11.9%	+48.8%	+90.3%	+78.3%	+78.3%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	8,700,000	169,000	188,000	125,000	102.1	36	Nov 12, 2024	J-GAAP
Mar, 2025 New	9,200,000	204,000	245,000	145,000	118.4	36	Feb 12, 2025	J-GAAP
Revision Rate	+5.7%	+20.7%	+30.3%	+16.0%	+16.0%

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	4,694,739	143,395	158,786	63,572	44.9	16	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,695,975	106,670	120,117	45,558	37.2	18	Feb 12, 2025	J-GAAP
YoY	+0.0%	-25.6%	-24.4%	-28.3%	-17.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	9,456,281	282,442	321,525	253,646	170.7	24	May 9, 2023	J-GAAP
Mar, 2024	8,719,201	346,316	385,246	228,518	161.3	32	May 14, 2024	J-GAAP
Mar, 2025 Guidance	9,200,000	204,000	245,000	145,000	118.4	36	Feb 12, 2025	J-GAAP
YoY	+5.5%	-41.1%	-36.4%	-36.5%	-26.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	2,377,802	90,779	100,822	74,139	52.0	3.8	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	2,316,937	52,616	57,964	-10,567	-7.5	2.3	May 14, 2024	J-GAAP
Apr - Jun, 2024	2,260,289	122,511	136,828	95,022	69.2	5.4	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	2,243,736	-25,181	-11,945	4,420	3.2	-1.1	Nov 12, 2024	J-GAAP
Oct - Dec, 2024	2,372,439	25,945	40,930	28,012	20.8	1.1	Feb 12, 2025	J-GAAP
YoY	-0.2%	-71.4%	-59.4%	-62.2%	-60.1%