Idemitsu Kosan Co. (5019) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 FY2024 rose 24.3% year-over-year to ¥2,260.3 billion, with operating income up 147%–173% and net income attributable to owners up 109.3% to ¥95.0 billion, driven by higher crude oil prices and improved petroleum margins.

• Operating and equity income rose by ¥77.4 billion year-over-year, supported by inventory impact and positive time-lag effects in petroleum.

• Full-year forecasts remain unchanged despite a current downtrend in crude oil prices.

Financial highlights

• Gross profit increased to ¥245.5 billion from ¥162.8 billion year-over-year.

• Operating income surged 147%–173% year-over-year to ¥122.5–130.1 billion; excluding inventory impact, up 43.1% to ¥82.2 billion.

• Ordinary income surged 136.9% year-over-year to ¥136.8 billion.

• Net income per share was ¥69.24, reflecting a 1:5 stock split.

• Comprehensive income reached ¥126.2 billion, up from ¥53.9 billion in the prior year.

Outlook and guidance

• Full-year FY2024 forecasts: net sales ¥8,700.0 billion, operating income ¥169–185.0 billion, net income ¥125.0 billion, EPS ¥90.64.

• Segment income and sales projections unchanged from previous guidance.

• Assumptions: Dubai crude oil at $85/bbl, exchange rate at ¥145/$, Australian coal at $125/ton.