Kawasaki Kisen Kaisha (9107) Q1 2025 earnings summary

Executive summary

• Fiscal 2024 began strongly, with Q1 operating revenues at ¥267.6 billion and net income attributable to owners of parent at ¥72.5 billion, both up significantly year-over-year, driven by robust Dry Bulk and Car Carrier demand and improved Containership performance.

• Comprehensive income for Q1 FY2024 reached ¥148.3 billion, up 13.9% year-over-year.

• Growth was supported by favorable market conditions, tighter vessel supply, and equity earnings from affiliates.

Financial highlights

• Q1 FY2024 operating revenues: ¥267.6 billion (+21.2% YoY); operating income: ¥30.7 billion (+58.3% YoY); ordinary income: ¥74.8 billion (+58.6% YoY); net income attributable to owners: ¥72.5 billion (+96.7% YoY).

• Equity capital stood at ¥1,631.9 billion, equity ratio at 76%, and debt-to-equity ratio at 17%.

• EPS for Q1 FY2024 was ¥104.67, up from ¥49.72 in Q1 FY2023.

• Fiscal 2023 figures were recalculated for comparability due to a change in currency conversion method for foreign subsidiaries.

Outlook and guidance

• FY2024 full-year forecasts: operating revenues ¥1,020.0 billion, operating income ¥102.0 billion, ordinary income ¥220.0 billion, net income attributable to owners ¥210.0 billion, and EPS ¥308.53.

• All forecast figures have been revised upward, with expectations of solid profits if current trends continue.

• Annual dividend forecast is ¥85 per share, with interim and year-end dividends of ¥42.50 each.

• Exchange rate assumption for the year is ¥147.18, with sensitivity of ¥1.6 billion profit change per ¥1 movement.