A Weak Yen and Malaysian Demand Lift Apple International's Half-Year Net Profit More Than Fivefold

Exports did the work, and the currency helped

Apple International Co., Ltd. (TSE: 2788), a used-vehicle exporter and dealer, published consolidated results for the six months to June 30, 2026 on August 10, 2026 under Japanese GAAP. Net sales rose 30.6% to ¥24,396 million, operating profit 113.5% to ¥590 million, ordinary profit 255.6% to ¥725 million and net profit 423.2% to ¥553 million, for earnings per share of ¥42.98 against ¥8.24. Note that ordinary profit came in ¥135 million above operating profit, so the step from a 113.5% operating gain to a 255.6% ordinary gain happens in non-operating items rather than in trading.

The company's account of the half is geographic. In the overseas used-car export business, the yen's weakness helped and demand from Malaysia stayed firm, with shipment volumes rising more than initially expected. Shipments to Thailand were soft — the company points to the growth of Chinese electric vehicles clouding the outlook for Japanese-made cars there — but still finished above the prior year. At home, new-vehicle registrations were slightly down and used-car prices settled, so the number of units handled was roughly level with a year earlier.

For context the company cites two industry series: 1,845,809 domestic used-car registrations between January and June 2026, down 0.2%, and 749,284 used-car exports over the same period, up 3.8%. The export line is the one that matters to this business, and it grew.

One segment is the company; the other is a start-up

Automobile Sales-Related is effectively the whole group: revenue up 30.5% to ¥24,317 million and segment profit up 90.0% to ¥650 million. Other — a reuse-distribution business run through subsidiary Apple Auto Network, buying watches and precious-metal branded goods since October 2023 — grew revenue 59.9% to ¥79 million but widened its loss to ¥14 million from ¥10 million. It runs an AI-assisted online system from appraisal through to sale, a dedicated buying store in Tokyo, and buying counters inside the group's own used-car outlets in Tokyo and Mie.

Receivables funded by short-term debt, and a full year guided lower

Total assets rose 10.6% to ¥22,709 million, and the composition matters: accounts receivable rose ¥3,366 million while inventory fell ¥939 million and cash ¥358 million. Liabilities rose ¥1,701 million to ¥11,349 million, funded by ¥1,500 million more short-term borrowings and ¥822 million more deposits received, against ¥477 million less long-term debt. Net assets rose 4.3% to ¥11,360 million, but because assets grew faster the equity ratio fell to 47.1% from 50.0%.

Guidance for the full year to December 2026 is unchanged and points the other way on the top line: net sales of ¥35,856 million (−12.1%), operating profit of ¥769 million (+35.5%), ordinary profit of ¥930 million (+66.5%) and net profit of ¥615 million (−21.8%), for earnings per share of ¥47.96. Two gaps are worth stating plainly. Revenue grew 30.6% in the half against a full-year target of −12.1%, which implies a much weaker second half. And the half has already produced ¥553 million of the ¥615 million full-year net-profit target, leaving about ¥62 million for the remaining six months. The filing does not explain either gap beyond confirming the forecast stands. The annual dividend is held at ¥10.00, all of it at the year end.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.