Okinawa Financial Group,Inc., First Half Ordinary Profit Unexpectedly Revised Upward by 22%, Current Fiscal Year Dividend Revised Upward by 10 yen

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Fri Nov 8, 2024 12:00 pm JST Earnings

7350 Okinawa Financial Group,Inc. 【J-GAAP】

Earnings Report

Okinawa Financial Group,Inc. <7350> [TSE-P] announced its financial results at noon (12:00) on November 8th. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 21.5% from the same period last year, reaching 5.44 billion yen, resulting in an increase in profits compared to the previous forecast of a 6.3% decrease.

The progress rate against the 9.3 billion yen full-year plan was 58.5%, also surpassing the five-year average of 49.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 11.4% from the same period last year to 3.85 billion yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 80 yen to 90 yen (compared to 80 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 27.4% from the same period last year, reaching 2.81 billion yen.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	27,023	ー	6,114	4,417	189.5	71.3	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	27,664	ー	4,480	3,163	145.3	50.7	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	28,348	ー	5,445	3,825	179.1	58.5	Nov 8, 2024	J-GAAP
YoY	+2.5%	－	+21.5%	+20.9%	+23.3%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	27,000	ー	4,200	3,000	140.6	40	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	28,348	ー	5,445	3,825	179.1	45	Nov 8, 2024	J-GAAP
Revision Rate	+5.0%	－	+29.6%	+27.5%	+27.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	55,000	ー	9,300	6,600	308.5	80	May 10, 2024	J-GAAP
Mar, 2025 New	55,000	ー	9,300	6,600	308.5	90	Nov 8, 2024	J-GAAP
Revision Rate	0.0%	－	0.0%	0.0%	0.0%

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	25,909	ー	4,353	3,099	143.8	40	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	26,652	ー	3,855	2,775	129.7	45	Nov 8, 2024	J-GAAP
YoY	+2.9%	－	-11.4%	-10.5%	-9.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	52,687	ー	8,581	5,835	251.0	80	May 12, 2023	J-GAAP
Mar, 2024	53,573	ー	8,833	6,262	290.5	80	May 10, 2024	J-GAAP
Mar, 2025 Guidance	55,000	ー	9,300	6,600	308.5	90	Nov 8, 2024	J-GAAP
YoY	+2.7%	－	+5.3%	+5.4%	+6.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	14,007	ー	2,211	1,646	75.6	0.0	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	12,991	ー	2,332	1,472	68.1	0.0	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	12,918	ー	2,021	1,627	75.5	0.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	13,806	ー	2,629	1,698	79.6	0.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	14,542	ー	2,816	2,127	99.6	0.0	Nov 8, 2024	J-GAAP
YoY	+3.8%	－	+27.4%	+29.2%	+31.7%