Inui Global Logistics, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 89% Increase, Dividend Revised down by 36.13 yen

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Thu Feb 13, 2025 3:00 pm JST Earnings

9308 Inui Global Logistics Co., Ltd. 【J-GAAP】

Earnings Report

Inui Global Logistics Co., Ltd. <9308> [TSE Std] announced its financial results in the afternoon session on February 13th (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) surged 3.2 times that of the same period last year, reaching 3.94 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward 2.4 times, from the previous forecast of 1.5 billion yen to 3.61 billion yen (compared to 1.91 billion yen in the previous period), turning to a 88.8% increase in the consolidated ordinary profit outlook. However, the full-year consolidated net income has decreased 26.6%, from the previous forecast of 6.82 billion yen to 5 billion yen (compared to 1.19 billion yen in the previous period), leading to a reduction in the profit growth rate from 5.7 times to 4.2 times.

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 from an expected loss of 1.2 billion yen to a profit of 0.91 billion yen (compared to a profit of 0.82 billion yen in the same period of the previous year), turning to a profit and leading to a 11.0% increase in the consolidated ordinary profit outlook.

At the same time, the company has significantly reduced its planned annual dividend for the current fiscal year from the original plan of 111.89 yen to 75.76 yen (compared to 14.28 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit surged 8.5 times that of the same period last year, reaching 1.23 billion yen. The operating profit margin drastically improved from 4.4% in the same period last year to 12.2%.

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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	36,068	12,693	12,947	9,536	381.0	96.4	Feb 13, 2023	J-GAAP
Apr - Dec, 2023	22,080	1,165	1,243	765	30.5	64.8	Feb 13, 2024	J-GAAP
Apr - Dec, 2024	24,437	3,765	3,947	4,324	172.2	109.1	Feb 13, 2025	J-GAAP
YoY	+10.7%	+223.2%	+217.5%	+465.2%	+463.7%

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	15,630	-1,251	-1,201	3,563	141.8	105.89	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	15,680	689	910	1,747	69.5	69.76	Feb 13, 2025	J-GAAP
Revision Rate	+0.3%	－	－	-51.0%	-51.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	32,326	1,573	1,508	6,824	271.5	111.89	Nov 8, 2024	J-GAAP
Mar, 2025 New	32,376	3,513	3,619	5,008	199.3	75.76	Feb 13, 2025	J-GAAP
Revision Rate	+0.2%	+123.3%	+140.0%	-26.6%	-26.6%

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	14,551	826	820	895	35.7	11.28	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	15,680	689	910	1,747	69.5	69.76	Feb 13, 2025	J-GAAP
YoY	+7.8%	-16.6%	+11.0%	+95.2%	+94.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	44,267	13,067	13,431	9,857	393.7	184	May 12, 2023	J-GAAP
Mar, 2024	29,494	1,678	1,917	1,194	47.6	14.28	May 13, 2024	J-GAAP
Mar, 2025 Guidance	32,376	3,513	3,619	5,008	199.3	75.76	Feb 13, 2025	J-GAAP
YoY	+9.8%	+109.4%	+88.8%	+319.4%	+318.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	7,137	313	146	466	18.6	4.4	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	7,414	513	674	429	17.1	6.9	May 13, 2024	J-GAAP
Apr - Jun, 2024	8,418	1,607	1,617	882	35.2	19.1	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	8,278	1,217	1,092	2,379	94.8	14.7	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	7,741	941	1,238	1,063	42.3	12.2	Feb 13, 2025	J-GAAP
YoY	+8.5%	+200.6%	+747.9%	+128.1%	+127.5%