SG HOLDINGS CO.,LTD.
9143・Prime Market・Land Transportation
Delivery Business
Core business of the SGH Group. Provides comprehensive corporate transport solutions centered on parcel delivery.
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating Revenue (External Customers) | ¥1,048,510 million | ¥1,003,005 million | ↑ |
| Operating Income | ¥70,140 million | ¥68,349 million | ↑ |
| Operating Margin | 6.7% | 6.8% | ↓ |
| Parcel Volume (Hikyaku Takuhaibin) | 1,324 million parcels | 1,271 million parcels | ↑ |
| Total Parcel Volume (Delivery Business) | 1,360 million parcels | 1,308 million parcels | ↑ |
| Capital Expenditures (Increase in Tangible and Intangible Fixed Assets) | ¥81,751 million | ¥43,279 million | ↑ |
| Segment Assets | ¥708,115 million | ¥642,720 million | ↑ |
| Depreciation and Amortization | ¥25,466 million | ¥23,818 million | ↑ |
Business Details
Centered on Sagawa Express Co., Ltd., provides freight transport services primarily to corporate customers, leveraging a logistics network covering all of Japan. In addition to the core Hikyaku Takuhaibin, the business offers high-value-added solutions such as Hikyaku Large Size Takuhaibin / Hikyaku Cool Bin for large parcels and low-temperature transport, and TMS (Transportation Management System), which optimizes customers' entire supply chains. Cross-border e-commerce and cold chain logistics are positioned as growth areas, and profitability is maintained through a policy of collecting appropriate freight charges.
Recent Overview
Cross-border e-commerce volume achieved the medium-term plan target ahead of schedule; logistics disruption in November led to additional costs.
In FY2026 (ending March 2026), robust demand for cross-border e-commerce and the results of sales activities drove Hikyaku Takuhaibin volume up 4.2% year on year to 1,324 million parcels, achieving the medium-term management plan's volume target ahead of schedule. Meanwhile, in late November, an unexpectedly large increase in parcel volume caused logistics disruptions, resulting in additional costs for arranging vehicles and personnel. Personnel expenses and outsourcing costs continued to trend upward due to increases in the unit prices paid to partner companies and base salary increases for employees. Operating revenue rose 4.5% year on year to ¥1,048,510 million, and operating income rose 2.6% year on year to ¥70,140 million.
Key Products
Growth Drivers
- Increase in cross-border e-commerce volume (expansion of BtoC parcels); achieved the medium-term management plan's volume target ahead of schedule in FY2026 (ending March 2026)
- Strengthened proposal-based sales activities for TMS (Transportation Management System) (activities led by GOAL)
- Maintaining profit margins amid rising costs through continued collection of appropriate freight charges per transaction
- Expansion of parcel volume in the cold chain logistics and real commerce areas (growth areas under the medium-term management plan)
- Increased capacity and consolidated efficiency through new large relay centers in the Tokyo, Kansai, and Kyushu areas (scheduled to become operational during the medium-term management plan period)
- Capturing new tourist demand through the expansion of SAGAWA Tebura Service locations
Risks
- Intensifying competition due to the expansion of in-house delivery networks by some major e-commerce operators
- Rising trend in personnel and outsourcing costs due to increases in unit prices paid to partner companies and employee base salary increases
- Ongoing costs of addressing the "2024 Problem" (overtime work hour caps for vehicle drivers)
- Downward pressure on average unit price due to the rising share of small parcels amid cross-border e-commerce expansion
- Risk of logistics disruption and additional costs from parcel volume increases exceeding expectations during peak seasons
- Medium- to long-term impact on parcel delivery demand from factors such as Japan's declining population
Last updated: June 10, 2026