Ifuji Sangyo (2924) Q1 2023 earnings summary

Executive summary

• Q1 FY2023 revenue fell 2.8% YoY to ¥4,523 million, while operating profit rose 3.6% to ¥401 million and net profit rose 4.3% to ¥283 million.

• Higher sales volumes and lower production costs supported liquid egg segment profit despite lower egg-market prices and revenue.

Financial highlights

• Revenue was ¥4,523 million, down 2.8% YoY; operating profit was ¥401 million, up 3.6%; ordinary profit was ¥410 million, up 4.2%.

• Net profit attributable to owners was ¥283 million, up 4.3% YoY; EPS was ¥34.48.

• Gross profit rose to ¥944 million from ¥877 million YoY, while SG&A increased to ¥542 million from ¥489 million.

Outlook and guidance

• FY2023 forecast was revised; full-year revenue is ¥18,059 million (+0.4%), operating profit ¥1,333 million (+3.6%), ordinary profit ¥1,358 million (+0.1%) and net profit ¥919 million (-7.7%).

• FY2023 EPS guidance is ¥112.13; H1 forecast is revenue ¥9,056 million, operating profit ¥618 million (-6.1%), ordinary profit ¥626 million (-6.8%) and net profit ¥404 million (-24.4%).

• Forecast assumptions are subject to risks and actual results may differ materially due to various factors.