Iwatani (8088) H1 2025 earnings summary

Executive summary

• Net sales for the six months ended September 30, 2024, rose 1.5% year-over-year to ¥400.0 billion, with operating profit up 10.6% to ¥16.1 billion and profit attributable to owners of parent up 25.1% to ¥15.1 billion.

• Growth was driven by strong LPG sales, improved impact of LPG import price fluctuations, and increased share of profit from equity-method affiliates.

• The company advanced its hydrogen business, invested in the Japan Hydrogen Fund, and progressed in mining operations in Norway.

Financial highlights

• Ordinary profit increased 22.5% year-over-year to ¥22.3 billion.

• Basic earnings per share for the period was ¥65.55, calculated as if a 4-for-1 share split had occurred at the start of the previous fiscal year.

• Comprehensive income was ¥19.3 billion, down 18.0% year-over-year.

• Total assets at September 30, 2024, were ¥836.0 billion, with net assets of ¥384.7 billion and a capital adequacy ratio of 44.7%.

Outlook and guidance

• Full-year forecast (ending March 31, 2025): net sales ¥902.0 billion (+6.4%), operating profit ¥52.7 billion (+4.1%), ordinary profit ¥72.8 billion (+10.0%), profit attributable to owners of parent ¥54.0 billion (+14.0%), and basic EPS ¥234.67 (post-split).

• No change to previously announced earnings guidance.