Kawasaki Kisen Kaisha (9107) Q1 2025 earnings summary

Executive summary

• Operating revenues for Q1 FY2024 rose 21.2% year-over-year to ¥267.6 billion, with operating income up 58.3% to ¥30.7 billion and profit attributable to owners of the parent nearly doubling to ¥72.5 billion, driven by strong segment performance and equity earnings from affiliates.

• Comprehensive income increased to ¥148.3 billion, up 13.9% year-over-year.

Financial highlights

• Q1 FY2024 operating revenues: ¥267.6 billion (+21.2% YoY); operating income: ¥30.7 billion (+58.3% YoY); ordinary income: ¥74.8 billion (+58.6% YoY); profit attributable to owners: ¥72.5 billion (+96.7% YoY).

• EPS for Q1 FY2024: ¥104.67, up from ¥49.72 in Q1 FY2023.

• Equity in earnings of unconsolidated subsidiaries and affiliates was ¥37.2 billion, with OCEAN NETWORK EXPRESS PTE. LTD. contributing ¥37.8 billion.

• Comprehensive income for Q1 FY2024: ¥148.3 billion (+13.9% YoY).

Outlook and guidance

• FY2025 full-year forecast: operating revenues ¥1,020.0 billion (+6.5% YoY), operating income ¥102.0 billion (+21.2% YoY), ordinary income ¥220.0 billion (+65.8% YoY), profit attributable to owners ¥210.0 billion (+105.9% YoY), EPS ¥308.53.

• Interim and year-end dividends planned at ¥42.50 per share each, totaling ¥85.00 per share for FY2025.

• Company expects firm market rates in dry bulk, stable profits in energy resource transport, and continued recovery in product logistics, but notes risks from global economic and geopolitical uncertainties.