FUJI UNITED HOLDINGS COMPANY, LTD.
416A・Standard Market・Wholesale Trade
FUJI UNITED HOLDINGS COMPANY, LTD.
416A・Standard Market・Wholesale Trade
Business
Fuji United Holdings, Inc. is a pure holding company established in October 2025 through a sole-share transfer by Fuji Kosan Company, Limited. The group consists of 5 consolidated subsidiaries and 2 affiliated companies, and operates across three business areas: the "Green Domain" (Recycling Business, Home Energy Business, Renewable Energy Business), the "Energy Domain" (Petroleum Business), and the "Infrastructure Domain" (Rental Business). Its main customers include industrial waste generators centered in Hokkaido, household fuel consumers, construction contractors, and petroleum distributors. Of total net sales of ¥75,057 million, the Petroleum Business accounted for approximately 90% at ¥67,914 million, positioning the Energy Domain as the earnings base while the Green Domain is positioned as the growth driver.
Business Model
The Energy domain (Petroleum Business) and Infrastructure domain (Rental Business) generate stable cash flow by leveraging existing infrastructure, and this capital is allocated to growth investments in the Green domain (Recycling and Renewable Energy). In the Green domain, the company is expanding its recycling network through M&A and advancing the commercialization of environmentally-friendly energy through the manufacturing and sale of biofuel and recycled heavy oil. Through a resource-circulation model that integrates waste collection (venous flow) with energy supply (arterial flow), the company has built a unique competitive position.
Company Strengths
The company made Kankyo Kaihatsu Kogyo Co., Ltd. a subsidiary in October 2022, and made Yugen Kaisha Kajima a wholly owned subsidiary in October 2025. Backed by PMI track record and industry networks, the company has secured a continuous deal pipeline, building a reproducible growth model. The Recycling Business achieved net sales of ¥1,605 million and operating profit of ¥265 million (operating margin of 16.5%), exceeding the plan.
The Himeji Plant, newly established in Himeji City, Hyogo Prefecture in November 2025, incorporates Japan's first technologies in four areas: a high-performance blender with variable bio-raw-material blending ratio of 1-99%, direct shipment technology bypassing product tanks, loading/unloading equipment compatible with all packaging forms, and an AI-equipped camera-based maintenance management system. It functions as the core base for building a nationwide biofuel supply system for both land and sea transport.
Fuji Kosan Company, Limited has a continuous petroleum product sales and purchase contract with ENEOS Corporation, concluded in October 2017 and automatically renewed annually, through which it stably procures Fuel Oil, Asphalt & Lubricating Oil from a subsidiary of its major shareholder, ENEOS Holdings, Inc. This procurement foundation supports stable earnings in the Petroleum Business, with net sales of ¥67,914 million and operating profit of ¥684 million.
ENVALITH's Perspective
Performance Trend
FY2026 (ending March 2026), the first consolidated fiscal year following the establishment of the holding company, saw revenue of ¥75,057 million, operating profit of ¥1,184 million, and net income attributable to owners of the parent of ¥726 million. As an external factor, the rise in petroleum product prices accompanying the depreciation of the yen pushed up revenue in the Energy segment (¥67,914 million), resulting in an approximately 9.8% year-on-year increase in overall revenue. Gross profit also improved, rising 20.9% year on year to ¥6,057 million. On the other hand, M&A acquisition-related expenses and goodwill amortization (¥48 million), as well as increased SG&A expenses (¥4,872 million) due to personnel costs and price inflation, weighed on profits, but improved profitability across each business segment absorbed these pressures, resulting in a 48.1% year-on-year increase in operating profit. For the next fiscal year, the company has disclosed a conservative operating profit plan of ¥1,000 million, which factors in uncertainty in the Middle East situation, inventory valuation risk, and costs associated with aging facility maintenance.
Growth Strategy
Three pillars: expansion of recycling M&A, establishment of a 50,000 KL biofuel manufacturing system, and improved capital efficiency through the holding company structure
In October 2025, the company made Kashima Co., Ltd. a subsidiary (recording ¥444 million in goodwill), expanding its network for industrial waste recycling and biofuel sales. The company maintains an ongoing M&A pipeline and aims to raise the operating profit ratio of the Green domain to over 60% by FY2030 (ending March 2030).
In November 2025, the company established a new biofuel manufacturing facility in Himeji City, Hyogo Prefecture, introducing Japan's first high-performance blender and other equipment. The company is advancing the development of a nationwide supply system covering both land and sea transport. In parallel, it is building a supply system for Recycled Heavy Oil to create group synergies.
By clarifying the division of roles between the holding company and operating companies, the company has eliminated overlapping functions and achieved optimal allocation of group management resources. The target indicator is ROE of over 8% by FY2028 (ending March 2028). Actual ROE for FY2026 (ending March 2026) was 7.5%, close to the target level, with improvement of the revenue mix through expansion of the Green domain being key to achieving this goal.
For FY2026 (ending March 2026), the company implemented an annual dividend of ¥62 per share (¥31 at fiscal year-end), with a payout ratio of 28.2%. For FY2027 (ending March 2027), an annual dividend of ¥62 per share (¥31 each at interim and fiscal year-end) is planned, with a payout ratio of 68.2% (forecast). The company has clearly stated a stable dividend policy with a view toward a payout ratio of 60% over the medium to long term.
Last updated: July 19, 2026