Yoshinoya Holdings' shares reached their highest level since July after the company reported strong second-quarter results, raised its full-year forecast and increased its dividend.
For the cumulative second quarter, Yoshinoya Holdings reported revenue of ¥121.494 billion, up 10.0% year on year, and operating profit of ¥5.782 billion, up 30.3%, exceeding its plan. Domestic and overseas businesses, including its core beef-bowl operations, performed ahead of expectations.
As a result, the company raised its full-year consolidated operating profit forecast from ¥8.5 billion to ¥10 billion, representing an expected 24.3% increase from the previous fiscal year. It also raised its year-end dividend forecast to ¥12, bringing the expected annual dividend to ¥24.
The share price extended its sharp rise, closing on 9 September at ¥3,950, up ¥203 from the previous day and reaching its highest level since the end of July. Expectations for improved performance at Yoshinoya and a higher dividend prompted investors to buy the shares.