NIHON CHOUZAI, The Current Fiscal Year Net Income Revised Downward to an Unexpected 22% Decrease

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Fri Jan 31, 2025 4:00 pm JST Earnings

3341 NIHON CHOUZAI CO.,LTD. 【J-GAAP】

Earnings Report

NIHON CHOUZAI CO.,LTD. <3341> [TSE Prime] announced its financial results after the market closed on January 31st (16:00). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) significantly dropped 83.6% from the same period last year to 0.61 billion yen.

In addition, the full-year consolidated net income has decreased 45.9%, from the previous forecast of 3.7 billion yen to 2 billion yen (compared to 2.55 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 21.7% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the October to March period (2H) has decreased 45.4%, from the previous forecast of 3.74 billion yen to 2.04 billion yen (compared to 0.8 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 4.6 times to 2.5 times.

In the most recent three-month period, from October to December (3Q), the consolidated net income significantly dropped to 0.66 billion yen, a 67.3% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 3.6% in the same period last year to 3.5%.

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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	232,844	5,829	5,836	4,289	143.2	76.0	Jan 31, 2023	J-GAAP
Apr - Dec, 2023	254,127	6,550	6,517	3,769	126.0	69.0	Jan 31, 2024	J-GAAP
Apr - Dec, 2024	269,799	3,733	4,174	617	20.7	64.2	Jan 31, 2025	J-GAAP
YoY	+6.2%	-43.0%	-36.0%	-83.6%	-83.6%

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	198,225	5,977	5,728	3,743	125.3	12.50	Oct 31, 2024	J-GAAP
Oct - Mar, 2024 New	198,225	5,977	5,728	2,043	68.4	12.50	Jan 31, 2025	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	-45.4%	-45.4%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	373,800	6,400	6,500	3,700	123.9	25	Apr 30, 2024	J-GAAP
Mar, 2025 New	373,800	6,400	6,500	2,000	67.0	25	Jan 31, 2025	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	-45.9%	-45.9%

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	174,000	5,745	6,072	805	26.9	12.50	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	198,225	5,977	5,728	2,043	68.4	12.50	Jan 31, 2025	J-GAAP
YoY	+13.9%	+4.0%	-5.7%	+153.8%	+154.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	313,318	7,586	7,682	4,458	148.9	25	Apr 28, 2023	J-GAAP
Mar, 2024	340,310	9,142	9,439	2,553	85.4	25	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	373,800	6,400	6,500	2,000	67.0	25	Jan 31, 2025	J-GAAP
YoY	+9.8%	-30.0%	-31.1%	-21.7%	-21.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	87,817	3,153	3,150	2,021	67.6	3.6	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	86,183	2,592	2,922	-1,216	-40.7	3.0	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	86,433	-236	85	-140	-4.7	-0.3	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	89,142	659	687	97	3.3	0.7	Oct 31, 2024	J-GAAP
Oct - Dec, 2024	94,224	3,310	3,402	660	22.1	3.5	Jan 31, 2025	J-GAAP
YoY	+7.3%	+5.0%	+8.0%	-67.3%	-67.3%