TSUKIJI UOICHIBA COMPANY, LIMITED
8039・Standard Market・Wholesale Trade
Business
Tsukiji Uoichiba Co., Ltd. is a receiving company at the Tokyo Metropolitan Wholesale Market's Toyosu Market, established in 1948, and is composed of the Company and 7 subsidiaries. Its core Marine Products Wholesale Business (approximately 98% of consolidated net sales) handles consignment and purchase sales of fresh, frozen, and processed marine products, with group companies Kyodo Suisan Co., Ltd. and Kitashoku Co., Ltd. handling production-area and consumption-area processing, and Tsukiji Ichikawa Suisan Co., Ltd. handling intermediate wholesale sales. As ancillary businesses, Toichi Logistics Co., Ltd. operates multi-function cold storage facilities both inside and outside Toyosu Market, forming the Cold Storage Warehousing Business (net sales of ¥1,466 million), and the Real Estate Leasing Business (net sales of ¥151 million) leases owned real estate, together forming stable revenue sources. Major customers are business operators such as intermediate wholesalers, mass retailers, and food service operators, and the Company fulfills the functions of collection, distribution, price formation, and settlement against the backdrop of the major consumption area of the greater Tokyo metropolitan region.
Business Model
In the Marine Products Wholesale Business, the main revenue sources are consignment sales commissions from shippers and trading margins from self-purchases. Rental income from intermediate wholesalers utilizing the multi-function cold storage facility within Toyosu Market (equipped with C to SF temperature zones, processing equipment, and ice-making machines) generates a segment profit margin of 31.8%, while Real Estate Leasing Services generate a segment profit margin of 47.7%. These high-margin ancillary businesses structurally complement the profit and loss of the core segment. The group is pursuing a group-wide vertical integration of production-area processing, consumption-area processing, logistics, and sales, promoting a transition toward a sales company model aimed at enhancing added value.
Company Strengths
The cold storage facility operated by Toichi Logistics Co., Ltd. within Toyosu Market is a market-specific multi-function facility equipped with full-temperature-range storage from C (+5°C) to SF (-60°C), a marine products processing plant, and ice-making machines, all in one location. Stable leasing to intermediate wholesalers and others achieved a segment profit margin of 31.8% in FY2026 (ending March 2026), contributing to the stabilization of earnings across the group as a whole.
In February 2023, Tsukiji Fish Market Co., Ltd. itself obtained ISO22000 (an international standard for food safety management systems) certification. The company implements hygiene management based on HACCP, establishing a consistent food safety system spanning from upstream shippers at production areas to downstream intermediate wholesalers and mass retailers. It has also obtained distribution certification for the marine eco-labels "MEL" and "AEL," providing proof of sustainable handling of marine products.
Kyodo Suisan Co., Ltd. (consumption-area processing), Kitashoku Co., Ltd. (production-area processing), Tsukiji Ichikawa Suisan Co., Ltd. (intermediate wholesale), and Toichi Logistics Co., Ltd. (cold storage logistics) each share functional roles among the group's subsidiaries, forming a vertically integrated business flow from raw material procurement through processing, storage, and sales. In FY2026 (ending March 2026), sales in the Marine Products Wholesale Business reached ¥65,833 million, up 8.2% year on year, confirming the expansion of business handled through group collaboration as a demonstrated result.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive fiscal periods, from ¥55,018 million in FY2022 (ended March 2022) to ¥67,450 million in FY2026 (ending March 2026), up 8.1% year on year in the latest period. External factors, including rising average unit prices of marine products driven by inflation and yen depreciation, along with expanding inbound demand, pushed up sales. On the other hand, operating profit fell sharply from ¥302 million to ¥166 million. The main cause was the recording of a ¥415 million provision for allowance for doubtful accounts at a consolidated subsidiary, and selling, general and administrative expenses also increased from ¥3,897 million to ¥4,567 million. Ordinary profit also declined, from ¥330 million to ¥190 million. Net profit increased to ¥386 million due to the recording of a ¥498 million gain on sale of investment securities (extraordinary income), but the earnings power of the core business has weakened. Operating cash flow improved to a cash inflow of ¥977 million (versus a cash outflow of ¥449 million in the prior period), and the cash balance increased to ¥1,813 million.
Growth Strategy
Advancing the transformation "from a receiving company to a sales company" and profit structure reform toward the final year of MF-2026
The Company aims to achieve the target figures of MF-2026 (net sales of ¥70,000 million, operating profit of ¥630 million, and net profit of ¥500 million) for FY2027 (ending March 2027), the final year of the plan. In the current fiscal year, the sales target was exceeded, but profit fell significantly short. Strengthening credit management and optimizing selling expenses toward the final year will be key.
The Company is promoting a transformation from a conventional receiving company into a sales company with broader functions. It is enhancing added value through production-area and consumption-area processing in collaboration with Kyodo Suisan Co., Ltd. and Kitashoku Co., Ltd., and strengthening its stable supply system through closer cooperation with aquaculture shippers. In the current fiscal year, profitability improved due to a review of selling expenses, but these gains were offset by the recording of an allowance for doubtful accounts.
The Company continues to promote efficiency improvements in storage operations by utilizing the multi-function cold storage facility within the Toyosu Market. In the current fiscal year, net sales were ¥1,466 million and segment profit was ¥466 million (up from ¥409 million in the previous fiscal year), achieving an increase in profit. Intra-group net sales also increased from ¥275 million to ¥309 million, contributing to improved utilization rates through business flow collaboration with the Marine Products Wholesale Business.
The Company announced, on the same day, the progress of its "Response toward Realizing Management Conscious of Capital Costs and Stock Price." Net assets per share improved from ¥2,946.60 to ¥3,189.71. The annual dividend was maintained at ¥35 (dividend payout ratio of 20.1%). The Company also continues to acquire treasury shares, continuing its efforts to improve shareholder returns and capital efficiency.
Last updated: July 19, 2026

