SECOM CO., LTD., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 1% Increase, Adds to Record High Profit

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Fri Nov 8, 2024 3:30 pm JST Earnings

9735 SECOM CO., LTD. 【J-GAAP】

Earnings Report

SECOM CO., LTD. <9735> [TSE-P] announced its financial results after the market closed on November 8th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 9.5% from the same period last year, reaching 83.5 billion yen, resulting in an increase in profits compared to the previous forecast of a 25.3% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 22.4%, from the previous forecast of 138 billion yen to 168 billion yen (compared to 166 billion yen in the previous period), record profits reach four consecutive terms, turning to a 1.2% increase in the consolidated ordinary profit outlook.

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 decrease by 5.8% from the same period last year to 85.3 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 16.2% from the same period last year, reaching 42.7 billion yen. However, the operating profit margin decreased from 11.6% in the same period last year to 10.3%.

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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	515,108	60,615	68,317	43,933	101.6	43.8	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	544,750	63,144	76,327	49,222	115.7	45.7	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	560,196	59,099	83,594	50,421	121.0	49.5	Nov 8, 2024	J-GAAP
YoY	+2.8%	-6.4%	+9.5%	+2.4%	+4.6%

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	554,000	53,500	57,000	35,500	85.6	47.50	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	560,196	59,099	83,594	50,421	121.0	47.50	Nov 8, 2024	J-GAAP
Revision Rate	+1.1%	+10.5%	+46.7%	+42.0%	+41.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,170,000	131,200	138,000	87,000	209.8	97.50	Sep 5, 2024	J-GAAP
Mar, 2025 New	1,192,400	140,800	168,900	104,600	252.2	97.50	Nov 8, 2024	J-GAAP
Revision Rate	+1.9%	+7.3%	+22.4%	+20.2%	+20.2%

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	609,990	77,514	90,532	52,729	124.7	47.50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	632,204	81,701	85,306	54,179	130.6	50	Nov 8, 2024	J-GAAP
YoY	+3.6%	+5.4%	-5.8%	+2.7%	+4.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,101,307	136,700	156,124	96,085	222.5	92.50	May 11, 2023	J-GAAP
Mar, 2024	1,154,740	140,658	166,859	101,951	241.0	95	May 10, 2024	J-GAAP
Mar, 2025 Guidance	1,192,400	140,800	168,900	104,600	252.2	97.50	Nov 8, 2024	J-GAAP
YoY	+3.3%	+0.1%	+1.2%	+2.6%	+4.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	279,678	32,553	36,780	22,441	52.7	11.6	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	290,876	40,500	43,394	27,124	64.0	13.9	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	319,114	37,014	47,138	25,605	60.5	11.6	May 10, 2024	J-GAAP
Apr - Jun, 2024	271,044	29,260	40,840	24,652	58.9	10.8	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	289,152	29,839	42,754	25,769	61.8	10.3	Nov 8, 2024	J-GAAP
YoY	+3.4%	-8.3%	+16.2%	+14.8%	+17.2%