Ifuji Sangyo (2924) Q4 2023 earnings summary

Executive summary

• FY2023 revenue reached a record ¥20,891 million, up 19.9% YoY; operating profit rose 18.9% to ¥1,575 million and net income rose 12.1% to ¥1,116 million, also records.

• Operating and ordinary profit increased for a ninth consecutive year; net income increased for a fourth consecutive year.

Financial highlights

• Revenue ¥20,891 million (+19.9% YoY); operating profit ¥1,575 million (+18.9%); ordinary profit ¥1,615 million (+19.0%); net income ¥1,116 million (+12.1%).

• EPS was ¥135.65 versus ¥121.46; comprehensive income was ¥1,117 million versus ¥988 million.

• Assets totaled ¥13,669 million and net assets ¥8,430 million at year-end, up ¥1,910 million and ¥901 million, respectively, from the prior year.

Outlook and guidance

• FY2024 forecast: revenue ¥24,865 million (+19.0% YoY), operating profit ¥1,636 million (+3.8%), ordinary profit ¥1,652 million (+2.3%) and net income ¥1,119 million (+0.3%).

• FY2024 forecast EPS is ¥136.00; H1 forecast revenue is ¥12,185 million, operating profit ¥798 million, ordinary profit ¥808 million and net income ¥500 million.

• Priorities include securing egg supplies, passing higher input costs through in pricing, improving factory efficiency and yield, and winning seasoning-related customers and contract manufacturing.