Kawasaki Kisen Kaisha, Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 9%, Dividend Revised Upward by 15 yen

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Tue Nov 5, 2024 3:30 pm JST Earnings

9107 Kawasaki Kisen Kaisha, Ltd. 【J-GAAP】

Earnings Report

Kawasaki Kisen Kaisha, Ltd. <9107> [TSE-P] announced its financial results after the market closed on November 5th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) surged by 2.3 times that of the same period last year, reaching 187 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 9.1%, from the previous forecast of 220 billion yen to 240 billion yen (compared to 135 billion yen in the previous period), increasing the growth rate from 62.0% to 76.7%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to nearly flat at 52.6 billion yen, down 1.0% from the same period last year.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 85 yen to 100 yen (compared to 250 yen before the 1-to-3 stock split in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged to 3.2 times that of the same period last year, reaching 112 billion yen. The operating profit margin rose from 10.5% in the same period last year to 11.3%.

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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	482,897	52,998	567,540	565,430	669.9	82.2	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	456,332	44,210	82,596	60,803	82.9	62.2	Nov 2, 2023	J-GAAP
Apr - Sep, 2024	538,015	61,140	187,325	183,218	268.6	78.1	Nov 5, 2024	J-GAAP
YoY	+17.9%	+38.3%	+126.8%	+201.3%	+224.1%

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	533,000	60,000	166,500	162,000	242.7	42.50	Jul 25, 2024	J-GAAP
Apr - Sep, 2024 Results	538,015	61,140	187,325	183,218	268.6	50	Nov 5, 2024	J-GAAP
Revision Rate	+0.9%	+1.9%	+12.5%	+13.1%	+10.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,020,000	102,000	220,000	210,000	332.5	85	Jul 25, 2024	J-GAAP
Mar, 2025 New	1,030,000	106,000	240,000	235,000	372.0	100	Nov 5, 2024	J-GAAP
Revision Rate	+1.0%	+3.9%	+9.1%	+11.9%	+11.9%

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	501,607	39,944	50,132	41,186	57.1	50	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	491,985	44,860	52,675	51,782	82.0	50	Nov 5, 2024	J-GAAP
YoY	-1.9%	+12.3%	+5.1%	+25.7%	+43.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	942,606	78,857	690,839	694,904	857.0	133.33	May 8, 2023	J-GAAP
Mar, 2024	957,939	84,154	132,728	101,989	141.4	83.33	May 7, 2024	J-GAAP
Mar, 2025 Guidance	1,030,000	106,000	240,000	235,000	372.0	100	Nov 5, 2024	J-GAAP
YoY	+7.5%	+26.0%	+80.8%	+130.4%	+163.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	235,621	24,801	35,394	23,921	32.6	10.5	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	259,078	25,963	15,919	13,359	18.4	10.0	Feb 2, 2024	J-GAAP
Jan - Mar, 2024	242,529	13,981	34,213	27,827	38.6	5.8	May 7, 2024	J-GAAP
Apr - Jun, 2024	267,609	30,717	74,846	72,543	104.7	11.5	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	270,406	30,423	112,479	110,675	162.2	11.3	Nov 5, 2024	J-GAAP
YoY	+14.8%	+22.7%	+217.8%	+362.7%	+397.7%