Consolidated Financial Results for the 2nd Quarter of FY2024
(April 1st 2024 ~ September 30th 2024)
14th November, 2024
TORISHIMA PUMP MFG.CO.,LTD.
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【1】Financial Results for the 2Q FY2024
【2】FY2024 Full-Year Forecast
【3】TOPIXS
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【1】Financial Results for the 2Q FY2024
【2】FY2024 Full-Year Forecast
【3】TOPIXS
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2Q FY2024 Highlights
Orders received have increased in all categories: public sector, private sector and overseas sector.
Sales Revenue has increased due to a significant increase in sales at our subsidiaries.
Operating profit increased at subsidiaries, however decreased at the consolidated base.
The full-year plan has been revised downwards for operating profit. The order backlog is at a record high of 115.4 billion yen.
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2Q FY2024 Financial Results Outline
Billions of yen | Y0Y | ||
billions of yen | |||
Orders Received | … | 57.8 | +12.8 |
Sales | … | 37.6 | +3.7 |
Operating Income | … | 0.6 | -1.3 |
Ordinary Income | … | -0.2 | -2.1 |
Net Income | … | 0.5 | -0.8 |
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2Q FY2024 Consolidated Financial Results
Orders Received: 43.1% increase in public-sector, 1.6% increase in private-sector, 28.5% increase in overseas-sector, resulting in an overall increase by 28.5% to 57.8 billion yen.
Sales: 14.7% increase in public-sector, 9.3% decrease in private-sector, 15.4% increase in overseas, resulting in an overall increase by 10.8% to 37.6 billion yen.
Profits: Operating profit decreased by 1.3 billion yen to 600 million yen due to an increase in production costs and SG&A expenses.
Ordinary income was -200 million yen due to a large foreign exchange loss resulting from the sharp appreciation of the yen since August. Net income was 500 million yen as a result of the sale of certain securities holdings.
Billions of yen | ||||||||
2Q | 2Q | YOY | FY2024 plan | Progress | ||||
FY2023 | FY2024 | Amount | % | |||||
Orders Received | 45.0 | 57.8 | +12.8 | +28.4% | 89.0 | 64.9% | ||
Sales | 33.9 | 37.6 | +3.7 | +10.9% | 86.0 | 43.7% | ||
Gross Operating Income | 9.6 | 9.6 | ±0.0 | ±0% | ||||
(Gross profit margin) | (28.3 %) | (25.5 %) | (-2.8pt) | |||||
SG&A expense | 7.7 | 8.9 | +1.2 | +15.6% | ||||
Operating income | 1.9 | 0.6 | -1.3 | -68.4% | 7.3 | 8.2% | ||
(Operating profit margin) | (5.6%) | (1.6%) | (-4.0pt) | (8.5%) | ||||
Non-operating Profit or loss | +0.0 | -0.8 | -0.8 | ― | ― | |||
Ordinary income | 1.9 | -0.2 | -2.1 | ― | 6.3 | ― | ||
Extraordinary profit or loss | +0.2 | +1.0 | +0.8 | +400.0% | ― | |||
Net income | 1.3 | 0.5 | -0.8 | -61.5% | 5.3 | 9.4% | ||
Foreign exchange rate（1USD) | ¥149.58 | ¥142.73 | Assumed rate¥150 | 6 | ||||
30/09/2023 | 30/09/2024 |
2Q FY2024 Financial Results（Non-consolidated / Subsidiaries）
■Non-consolidated | Billions of yen ■ Subsidiaries |
Billions of yen
2Q | 2Q | YOY | 2Q | 2Q | YOY | |||
FY2023 | FY2024 | Amount | % | FY2023 | FY2024 | Amount | % | |
Sales | 26.3 | 26.6 | +0.3 | +1.1% | 11.7 | 14.9 | +3.2 | +27.4% |
Gross Operating Income | 6.4 | 4.6 | -1.8 | -28.1% | 3.9 | 5.3 | +1.4 | +35.9% |
(Gross profit margin) | (24.3%) | (17.3%) | (-7.0pt) | (33.3%) | (35.6%) | (+2.3pt) | ||
SG&A expense | 4.8 | 5.3 | +0.5 | +10.4% | 3.3 | 4.0 | +0.7 | +21.2% |
Operating income | 1.6 | -0.8 | -2.4 | ― | 0.6 | 1.4 | +0.8 | +133.3% |
(Operating profit margin) | (6.1%) | (-3.0%) | (-9.1pt) | (5.1%) | (9.4%) | (+4.3pt) | ||
Sales continue to remain at a high level, but profit has decreased due to the | Overall, our subsidiaries performed well, resulting |
following two factors | in a significant increase in sales. |
① An increase in pump production costs | Despite an increase in SG&A expenses, the |
② A decrease in sales due to wind turbine breakdowns | increase in sales and improved profit margin |
While gross profit decreased, SG&A expenses progressed as planned, resulting in | absorbed the increase in expenses, resulting in a |
an operating loss of 800 million yen. | significant increase in operating income. |
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Trends in gross profit margin (first half, second half, full year) and full year gross profit
In the first half of FY2024, the profit margin fell due to an increase in production costs.
The profit margin is expected to recover in the second half, but the gross profit for the full year is expected to remain at the same level as the previous year.
Gross profit margin (first half, second half, full year)
24.4% | 25.2% | 24.1% | 24.3% | 22.5% | ||
23.2% | 22.8% | 23.1% | 22.6% | forecast | ||
21.4% | 21.5% | 21.3% | ||||
20.4% | 20.5% | |||||
19.4% | ||||||
17.3% | forecast | |||||
15.3% | 15.6% |
Gross profit income（billions of yen）
11.8 | 14.2 | |||||
8.7 | 9.7 | First | ||||
7.7 | half | |||||
4.6 | ||||||
FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | 8 |
Torishima Business Strategy 1
By increasing our high-tech pumps business and establishing service bases close to end users, this expansion of the service business will continue to improve the overall profit margin.
Consolidated sales（billions of yen）
ハイテクポンプ | サービス | |
■ | High-tech pumps | ■ Service |
36.5 | |||||||||
24.6 | 22.3 | First | |||||||
half | First | ||||||||
17.6 | |||||||||
13.2 | 14.9 | 14.1 | 15.2 | 14.1 | 17.2 | 17.1 | half | ||
12.5 |
FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | 9 |
Torishima Business Strategy 2
Since we began focusing on the service business in FY2009, we have expanded to 15 locations worldwide. We expect to continue expanding in the future.
Year | Company | Country | ||
1 | 1999 | Torishima Guna Engineering | Indonesia | |
2 | 2009 | Torishima Service Solutions | UAE | |
3 | 2010 | Torishima Service Solutions Europle | UK | |
4 | 2012 | Torishima Service Solutions Asia Private | Singapore | |
5 | 2016 | Torishima Service Solutions (Saudi Arabia) | Saudi Arabia | |
6 | 2016 | Torishima Pumps (India) Pvt Ltd. Service Division | India | |
7 | 2016 | Torishima Service Solutions Thailand | Thailand | |
8 | 2018 | Torishima Service Solutions Malaysia | Malaysia | |
9 | 2018 | Torishima Service Solutions Formosa | Taiwan | |
10 | 2018 | Torishima Service Solutions Michigan | USA | |
11 | 2019 | Torishima Service Solutions Asia Philippines Office | Philippines | |
12 | 2021 | Cryo Pump Repairs | UK | |
13 | 2021 | Australia Fluid Handling | Australia | |
14 | 2024 | Torishima Service Solutions Qatar | Qatar | |
15 | 2024 | Torishima Service Solutions Egypt | Egypt | 10 |