Okabe (5959) Q2 2024 earnings summary

Executive summary

• Net sales for the first six months ended June 30, 2024, decreased 16.3% year-over-year to ¥31,813 million, with operating profit down 13.3% to ¥1,770 million and ordinary profit down 6.8% to ¥1,934 million.

• Profit attributable to owners of parent was ¥1,339 million, reversing a loss of ¥116 million in the prior year period.

• Comprehensive income improved to ¥2,388 million from a loss of ¥1,132 million year-over-year.

Financial highlights

• Gross profit for the period was ¥10,048 million, nearly flat year-over-year.

• Total assets as of June 30, 2024, were ¥88,658 million, with net assets at ¥63,932 million and an equity ratio of 72.1%.

• Dividend per share forecast for FY2024 is ¥30.00, up from ¥25.00 in FY2023.

Outlook and guidance

• Full-year FY2024 guidance maintained: net sales ¥70,000 million (+10.4% YoY), operating profit ¥4,100 million (+0.4%), ordinary profit ¥4,400 million (+2.2%), and profit attributable to owners of parent ¥2,800 million.

• No changes to previously announced forecasts.