ENEOS (5020) Q1 2025 earnings summary

Executive summary

• Operating income for FY2024 1Q was ¥113.1 bn, nearly flat year-over-year excluding a one-time gain from the Caserones sale in FY2023 1Q.

• Revenue for 1Q FY2024 was ¥3,166.3 billion, down 1.6% year-over-year; operating profit rose 60.5% to ¥150.8 billion.

• Net income attributable to owners was ¥81.6 bn, up 78% year-over-year, but excluding inventory valuation, net income fell 18%.

• Total comprehensive income rose 67.2% to ¥192.2 billion.

• 1Q results are generally in line with the full-year plan, with no change to the previously announced full-year forecast.

Financial highlights

• Net sales for FY2024 1Q were ¥3,166.3 bn, down 2% year-over-year.

• Operating income rose 60% to ¥150.8 bn, driven by a positive inventory valuation effect.

• Gross profit increased to ¥365.3 billion from ¥303.0 billion year-over-year.

• Net cash from operating activities was ¥63.8 billion, down from ¥141.4 billion year-over-year.

• Total assets increased to ¥10,194.6 billion; total equity rose to ¥3,800.1 billion.

Outlook and guidance

• Full-year forecast for FY2024 remains unchanged from May, with 1Q results tracking in line with expectations.

• FY2024 revenue forecast is ¥14,600 billion, up 5.4% year-over-year.

• Operating profit forecast is ¥400 billion, down 14.0%; profit attributable to owners expected at ¥210 billion, down 27.1%.

• Dividend forecast unchanged at ¥22 per share for FY2024.