売上高は、家庭教師派遣教育事業が若干の減収となったものの、学習塾事業や学校内個別指導事業を中心にその他の事業はすべて増収を達成した。受講生徒数の増加や一部事業において受講料金の改定を実施したことも増収要因となった。具体的には、2024年3月より「TOMAS」で約3%、2023年11月より「伸芽会」で約17%の値上げを実施した。Performance trends of Risoh Education <4714>
1. Overview of performance for the cumulative second quarter of the fiscal year ending February 2025
For the cumulative consolidated performance for the second quarter of the fiscal year ending in February 2025, the revenue increased by 4.1% year-on-year to 16,587 million yen, the operating profit increased by 39.9% year-on-year to 1,458 million yen, the ordinary profit increased by 37.7% year-on-year to 1,456 million yen, and the interim net profit attributable to the parent company's shareholder increased by 10.2% to 893 million yen, achieving an increase in both revenue and profit. As for the cumulative second quarter, the revenue continued to set a new record high, with profits from various sectors increasing for the second consecutive period, resulting in a record high profit.
The revenue saw a slight decrease in the home tutor dispatch education business, but all other businesses, focusing on cram school operations and individual instruction within schools, achieved revenue growth. The increase in the number of students and adjustments in tuition fees in certain sectors contributed to the revenue growth. Specifically, there was approximately a 3% increase in "TOMAS" fees since March 2024 and around a 17% increase in "Shingamekai" fees since November 2023.
The sales cost ratio decreased by 1.6 points year-on-year to 72.4% due to factors such as an increase in the number of students and price adjustments. Additionally, the selling and administrative expense ratio decreased by 0.7 points strategically, mainly due to a reassessment of expenses, keeping it at a level where the amount increased by 0.4%. Looking at major expense items, labor costs increased by 1.5% for full-time employees and 2.8% for instructors. However, advertising costs decreased by 10.0%, while utility expenses decreased by 4.3%. In terms of operating profit by business segment, all segments except the home tutor dispatch education business saw profit growth, mainly driven by cram school operations and individual instruction within schools. Special items included a profit of 44 million yen from the sale of parent company shares, offset by special losses such as 37 million yen in fixed asset disposal losses and 95 million yen in expenses related to the public tender offer. Although the company did not disclose the plan for the cumulative second quarter, it seems to have exceeded the plan in terms of profits. By business segment, cram school operations and individual instruction within schools performed better than expected.
* Expenses related to the public tender offer conducted by Hulic in April to May 2024.
(Written by FISCO guest analyst, Jo Sato)
