Sankyu (9065) Q4 2024 earnings summary

Executive summary

• FY24 revenue was ¥563.5bn and operating profit ¥35.2bn, both down YoY; net income attributable to owners was ¥24.4bn, also lower YoY.

• FY25 guidance calls for higher revenue and operating profit, with logistics profit growth offsetting an expected decline in machinery profit.

Financial highlights

• FY24 revenue was ¥563.5bn versus ¥579.2bn in FY23; operating profit was ¥35.2bn versus ¥38.2bn, and ordinary profit was ¥36.6bn versus ¥39.6bn.

• Net income attributable to owners was ¥24.4bn versus ¥25.0bn; its margin was 4.3%, unchanged YoY.

• Operating margin was 6.2%, down 0.4 percentage points YoY; ordinary profit margin was 6.5%, down 0.3 points.

Outlook and guidance

• FY25 revenue is forecast at ¥587.0bn, operating profit at ¥36.5bn, ordinary profit at ¥37.5bn, and net income at ¥25.0bn.

• FY25 operating margin is forecast at 6.2%; net income margin is forecast at 4.3%.

• FY25 segment guidance: logistics revenue ¥292.5bn and operating profit ¥10.5bn; machinery revenue ¥267.3bn and operating profit ¥24.0bn.

• FY25 capex is planned at ¥30.5bn, including lease investments, versus depreciation of ¥20.6bn.