IWATANI CORPORATION
8088・Prime Market・Wholesale Trade
Comprehensive Energy Business
Japan's only nationwide LP gas operator with an integrated system from import to retail
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (external customers) | ¥367,732 million | ¥378,782 million | ↓ |
| Operating profit | ¥13,498 million | ¥19,520 million | ↓ |
| Segment assets | ¥232,517 million | ¥241,377 million | ↓ |
| Depreciation | ¥7,525 million | ¥6,560 million | ↑ |
| Goodwill amortization | ¥2,280 million | ¥2,340 million | ↓ |
Business Details
Supplies residential, commercial, and industrial LP gas nationwide from approximately 300 locations under the "MaruiGas" brand, while also providing LNG, petroleum products, portable gas stoves, gas cartridges, Ene-Farm units, GHPs, mineral water, electricity, and other general lifestyle infrastructure. It is the only company in Japan with an integrated LP gas supply chain from import to retail, and its detailed service leveraging sales, logistics, and safety management systems is the source of its competitive advantage. In FY2026 (ending March 2026), external customer sales were ¥367,732 million, making it the largest segment, accounting for approximately 40% of consolidated sales.
Recent Overview
A ¥5.9 billion profit decline due to LP gas market conditions hit hard, with operating profit down ¥6.0 billion year on year to ¥13.4 billion
In FY2026 (ending March 2026), the Comprehensive Energy Business saw a decrease in sales as the average annual LP gas import price (CP) fell to $549 per ton from $612 per ton in the prior period. On the profit side, while the LP gas retail division saw increased sales volume and improved profitability, a decline in wholesale sales volume and market conditions (a ¥5.9 billion profit decrease year on year) weighed on results, causing operating profit to fall to ¥13,498 million (down ¥6,021 million year on year). Portable gas stoves and gas cartridges also performed sluggishly both domestically and internationally.
Key Products
Growth Drivers
- Expansion of the LP gas direct-sales customer base through M&A (including profitability improvement through logistics rationalization)
- Continued increase in sales volume and profitability improvement in the LP gas retail division
- Diversification of earnings through expanded sales of energy-related equipment (Ene-Farm, GHP, etc.)
- Capturing new demand through the development of decarbonization products such as carbon-offset gas and green LP gas
- Maintaining and expanding the customer base through the promotion of fuel conversion (low-carbon initiatives)
- Expanding the overseas cartridge gas business, mainly in Southeast Asia, and developing new products
Risks
- Market volatility risk in LP gas import prices (CP: Saudi Aramco contract price) (inventory valuation losses and wholesale margin compression during price declines)
- Structural decline trend in sales volume in the LP gas wholesale division
- Rising procurement costs and supply stability risks due to escalating tensions in the Middle East, etc.
- Continued risk of sluggish domestic and overseas sales of portable gas stoves and cartridges
- Declining profitability due to rising personnel and logistics costs, etc.
- Long-term risk of shrinking residential LP gas demand due to energy transition (electrification and conversion to city gas)
Last updated: June 16, 2026