Ifuji Sangyo (2924) Q2 2024 earnings summary

Executive summary

• H1 FY2024 revenue rose 47.6% YoY to ¥13,182 million; operating and ordinary profit reached period records of ¥1,220 million and ¥1,248 million.

• Net income increased 115.9% to ¥1,027 million, also a record, aided by lower income taxes following payment of directors’ retirement benefits.

Financial highlights

• Revenue was ¥13,182 million, up 47.6% YoY; operating income was ¥1,220 million, up 82.6%, and ordinary income was ¥1,248 million, up 81.0%.

• Net income attributable to parent shareholders rose 115.9% YoY to ¥1,027 million; income taxes were lower partly because directors’ retirement benefit payments reduced taxable income.

Outlook and guidance

• FY2024 forecast unchanged: revenue ¥24,865 million (+19.0%), operating income ¥1,798 million (+14.1%), ordinary income ¥1,844 million (+14.2%), and net income ¥1,440 million (+28.9%).

• Full-year EPS forecast is ¥174.69; FY dividend forecast is ¥46 per share, with interim dividend of ¥26.