Kewpie (2809) Q4 2024 earnings summary

Executive summary

• Net sales rose 6.4% year-over-year to ¥483,985 million, with operating income up 74.3% to ¥34,329 million and profit attributable to owners of parent up 62.6% to ¥21,419 million.

• Comprehensive income increased 28.9% to ¥30,933 million, reflecting strong operational performance.

• Annual dividend for FY2024 is ¥54 per share, with a forecast of ¥64 for FY2025, including a commemorative dividend.

Financial highlights

• Operating income margin improved to 7.1% from 4.3% year-over-year; EPS increased to ¥154.10 from ¥94.78.

• Cash and cash equivalents at year-end were ¥80,512 million, up from ¥62,433 million.

• Net cash from operating activities surged to ¥63,126 million from ¥23,725 million; investing and financing cash flows were negative.

• Equity ratio remained strong at 65.4%.

Outlook and guidance

• FY2025 guidance: net sales ¥505,000 million (+4.3%), operating income ¥34,500 million (+0.5%), profit attributable to owners of parent ¥29,200 million (+36.3%), EPS ¥210.07.

• Minimum annual dividend target set at ¥54 per share for FY2025–2028, with a cumulative total return ratio of at least 50%.