ENVALITH
築地魚市場株式会社 logo

TSUKIJI UOICHIBA COMPANY, LIMITED

8039Standard MarketWholesale Trade

築地魚市場株式会社 logo
TSUKIJI UOICHIBA COMPANY, LIMITED8039

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

The segment loss in the Marine Products Wholesale Business widened from ¥189 million in the previous fiscal year to ¥372 million in the current fiscal year. The main cause was the booking of a ¥415 million provision for allowance for doubtful accounts due to an uncollectible receivables incident at a consolidated subsidiary. Despite revenue growing solidly by 8.1% to ¥67,450 million, operating profit declined 45.1% from ¥302 million to ¥166 million, indicating that strengthening cost management and credit management is an urgent priority.

Net profit of ¥386 million (versus ¥287 million in the previous fiscal year) appears to represent a 34.3% increase, but in reality it depends on an extraordinary gain of ¥498 million from the sale of investment securities. Ordinary profit was ¥190 million (down 42.3% from ¥330 million in the previous fiscal year), clearly showing a decline in core business profitability. External factors such as rising prices, yen depreciation, and reduced catch volumes continue to push up procurement costs, and it should be noted that similar extraordinary gains cannot necessarily be expected in future periods.

The company's forecast for FY2027 (ending March 2027) calls for revenue of ¥70,000 million (+3.8%), operating profit of ¥630 million (+279.1%), and net profit of ¥500 million (+29.4%), presenting the target figures for the final year of the medium-term management plan MF-2026. If the current period's provision for allowance for doubtful accounts (¥415 million) proves to be a one-time item, there is room for profit recovery; however, amid continuing external factors such as geopolitical risk, exchange rate volatility, and rising domestic interest rates, achieving this at a low operating margin of 0.9% (forecast) would require fundamental improvement in credit management as a precondition.

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