Sugimura Warehouse Co., Ltd.
9307・Standard Market・Warehousing & Harbor Transportation Services
Sugimura Warehouse Co., Ltd.
9307・Standard Market・Warehousing & Harbor Transportation Services
Business
Sugimura Warehouse Co., Ltd. is a long-established logistics company founded in 1895, headquartered in Minato-ku, Osaka City. In addition to its core Logistics Business (operating revenue ¥9,582 million), centered on Warehousing Services, cargo handling and sorting, and Freight Trucking Services, the company operates a Real Estate Business (¥1,343 million), leasing land, buildings, parking lots, and other properties, as well as Other Businesses (¥318 million) comprising Golf Driving Range operations and the Solar Power Sales Business. Its major customers include Fujifilm Logistics Co., Ltd. (accounting for 37.2% of sales), along with shippers in the food and manufacturing industries. Working in coordination with its subsidiaries Sugimura Transport Co., Ltd. and Sugimura Kosan Co., Ltd., the company provides integrated services spanning storage, transportation and delivery, and distribution processing. Its parent company is Nomura Holdings, Inc.
Business Model
In the Logistics Business, the company operates its own warehouse with a storage area of 133,564㎡ at a high average monthly occupancy rate of 91.6%, with storage fees and cargo handling fees as its primary revenue sources. Transportation is outsourced to subsidiary Sugimura Unyu Co., Ltd., which helps contain fixed costs. In the Real Estate Business, the company leases its own land and buildings located in Minato-ku, Osaka City, achieving a high segment profit margin of 60.5%. The basic model is a self-funding structure in which stable cash flows from both businesses are allocated to facility maintenance and renewal investments.
Company Strengths
With the Osaka Port Sales Office as its core base, the company owns proprietary warehouses with a storage area of 133,564㎡. The average monthly storage area utilization rate for FY2026 (ending March 2026) remained at a high level of 91.6%, and increased handling volume from existing customers, including in the food sector, has supported stable expansion of storage fee and cargo handling fee income. Long-term customer relationships dating back to the company's founding in 1895 underpin the utilization rate.
The segment profit margin of the Real Estate Business is extremely high at 60.5% (profit of ¥877 million on revenue of ¥1,343 million), contributing significantly to the overall revenue stability of the group. The company leases proprietary land, buildings, and parking lots located in Minato-ku, Osaka City, and maintains a revenue growth trend through rent revisions on existing properties and increased parking lot usage. The substantial asset base, backed by segment assets of ¥5,643 million, is a strength.
From FY2022 to FY2026, revenue expanded from ¥10,192 million to ¥11,242 million, and operating profit improved for five consecutive periods, from ¥1,176 million to ¥1,411 million. In FY2026, operating cost decreased by ¥31 million year on year and SG&A expenses decreased by ¥6 million, resulting in an operating profit increase of ¥44 million (3.3%) even amid a modest increase in revenue. This demonstrates a track record of strong cost management capability.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), operating revenue was ¥11,242 million (+0.1% year on year), operating profit was ¥1,411 million (+3.3% year on year), and profit attributable to owners of parent was ¥967 million (+5.5% year on year), achieving five consecutive years of revenue and profit growth. Operating costs decreased by ¥31 million (-0.4%) year on year, and SG&A expenses also decreased by ¥6 million (-0.5%), with progress in cost efficiency contributing to the improvement in profit. An impairment loss of ¥11 million was recorded as an extraordinary loss, but its impact was minor. The equity ratio rose to 78.1%, further strengthening the financial structure. However, the revenue growth rate slowed to 0.1%, indicating decelerating growth, and for FY2027 (ending March 2027), a decline in operating profit to ¥1,260 million (-10.7%) is forecast, mainly due to increased repair expenses and higher personnel costs. As an external factor, persistently high fuel costs and prices are pushing up business costs.
Growth Strategy
Rebuilding the earnings base along three axes: strengthening warehouse functionality, utilizing idle real estate, and improving cost efficiency
The company is considering an expansion/rebuild or major renovation aimed at enhancing the functionality of the aging warehouse at the Osaka Port Sales Office, a core facility of the Logistics Business. If realized, the resulting increase in storage capacity and functional improvements are expected to contribute to expanding handling volume with existing customers and acquiring new customers. Once a policy is decided, one-time costs such as demolition expenses for the existing building may arise.
The company is proceeding with studies on the effective utilization of land located near its head office, which is expected to serve as a new source of revenue for the Real Estate Business. By adding further income-generating properties to its existing high-profitability real estate portfolio (segment profit margin exceeding 60%), the company aims to expand its stable earnings base.
Depreciation expenses related to the in-house core system that began operating in 2021 are expected to conclude during FY2027 (ending March 2027), which will act as a factor reducing SG&A expenses. The company plans to continue improving productivity through operational efficiency to absorb cost increases such as personnel and fuel expenses.
The company continues to expand storage fee and cargo handling fee income through increased handling volume with existing customers, including in the food sector. Through maintaining a high warehouse occupancy rate and managing costs such as subcontracting expenses, warehouse occupancy is expected to remain at a high level in the next fiscal period as well.
Last updated: July 19, 2026