Cosmo Energy Holdings (5021) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 FY2024 reached ¥655.1 billion, up ¥46.5 billion year-over-year, with operating profit at ¥45.0 billion, a significant increase of ¥37.9 billion year-over-year.

• Ordinary profit excluding inventory valuation rose to ¥44.4 billion, up ¥17.3 billion year-over-year, with profit attributable to owners of parent at ¥18.6 billion, up ¥5.2 billion year-over-year.

• Ordinary profit was ¥53.1 billion, up ¥43.1 billion year-over-year, and profit attributable to owners of parent was ¥24.7 billion, up ¥23.3 billion year-over-year.

• Comprehensive income for Q1 FY2024 was ¥28.4 billion, a 390.2% increase year-over-year.

• Extraordinary loss of ¥5.3 billion recorded due to withdrawal from offshore wind power bidding.

Financial highlights

• Gross profit for Q1 FY2024 was ¥85.3 billion, up from ¥46.4 billion in Q1 FY2023.

• Net income per share for Q1 FY2024 was ¥282.35, compared to ¥16.23 in Q1 FY2023.

• Total assets as of June 30, 2024, were ¥2,254.0 billion, up ¥41.4 billion from March 31, 2024.

• Net assets increased to ¥739.7 billion, with a net worth ratio of 27.1%.

• Inventory valuation impact was +¥8.7 billion.

Outlook and guidance

• Full-year FY2024 forecast remains unchanged: net sales of ¥3,200.0 billion, operating profit of ¥154.0 billion, ordinary profit of ¥165.0 billion, and profit attributable to owners of parent of ¥79.0 billion.

• Dividend per share planned at ¥300, unchanged from FY2023.

• Petroleum business expected to see a slight decrease in ordinary profit, while petrochemical and renewable energy segments forecast improvements.