Kawasaki Kisen Kaisha (9107) Q1 2025 earnings summary

Executive summary

• Fiscal 2024 began strongly, with Q1 operating revenues at ¥267.6 billion and net income attributable to owners at ¥72.5 billion, both up significantly year-over-year, driven by robust Dry Bulk, Car Carrier, and Containership performance.

• Comprehensive income for Q1 FY2024 reached ¥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); net income attributable to owners: ¥72.5 billion (+96.7% YoY).

• Equity capital rose to ¥1,631.9 billion, with an equity ratio of 76%.

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

• Fiscal 2023 figures were restated due to a change in currency conversion method for foreign subsidiaries.

Outlook and guidance

• FY2024 full-year forecasts: operating revenues ¥1,020.0 billion, operating income ¥102.0 billion, ordinary income ¥220.0 billion, net income ¥210.0 billion, all revised upward from previous guidance.

• Interim and year-end dividends planned at ¥42.50 per share each, totaling ¥85.00 per share for FY2024.

• Exchange rate assumption for FY2024 is ¥147.18, with sensitivity of ¥1.6 billion profit change per one yen movement.

• Segment forecasts: Dry Bulk ordinary income ¥15 billion, Energy Resource Transport ¥6 billion, Product Logistics ¥204 billion, Containership Business ¥128 billion.