Yasuda Logistics Corporation
9324・Prime Market・Warehousing & Harbor Transportation Services
Yasuda Logistics Corporation
9324・Prime Market・Warehousing & Harbor Transportation Services
Business
The Yasuda Warehouse Group consists of the Company and 26 subsidiaries, operating primarily in the Logistics Business and Real Estate Business. In the Logistics Business, the group provides integrated services ranging from Warehousing & Cargo Handling Services to Domestic Land Transportation Services and International Freight Handling Services, with a domestic network spanning from Hokkaido to Kyushu and total storage area of 547,549㎡. Overseas, the group operates local subsidiaries in five Asian countries: China, Vietnam, Indonesia, Singapore, and India. In the Real Estate Business, the group owns and leases office buildings and mixed-use buildings mainly in Tokyo and Yokohama, generating stable cash flow. Founded in 1919, the company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
In the Logistics Business, the company earns combined revenue from storage fees, handling fees, land transportation fees, and international freight handling fees, expanding profits through higher utilization of its own facilities and new customer acquisition. In the Real Estate Business, the company leases well-located buildings in Tokyo and Yokohama on a long-term basis, generating stable rental income. The combination of these two businesses forms an earnings structure that is resilient to economic fluctuations.
Company Strengths
The company holds 547,549㎡ of domestic warehousing space (438,875㎡ owned) from Hokkaido to Kyushu, and operates local subsidiaries in five Asian countries (China, Vietnam, Indonesia, Singapore, and India). In FY2026 (ending March 2026), international freight handling volume reached 1,007,864 tons, up 10.3% year on year, demonstrating that the global network is functioning effectively in practice.
In FY2026 (ending March 2026), the Logistics Business recorded operating revenue of ¥74,186 million (segment profit of ¥5,342 million), while the Real Estate Business recorded operating revenue of ¥6,480 million (segment profit of ¥2,026 million). The Real Estate Business's profit margin is high at approximately 31%, forming a dual structure that offsets fluctuations in the Logistics Business's earnings, which are more susceptible to economic cycles.
The company holds several specialized subsidiaries in highly specialized logistics fields, including Yasuda Medical Logistics Co., Ltd. and Yasuda Logi Pharma Co., Ltd. for pharmaceutical logistics, and Fuyo Air Cargo Co., Ltd. for international air freight handling. In FY2026 (ending March 2026), inbound cargo volume expanded significantly, up 18.6% year on year to 923,751 tons.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive fiscal periods, from ¥53,040 million in FY2022 (ending March 2022) to ¥80,028 million in FY2026 (ending March 2026). FY2026 revenue increased 6.5% YoY, with both the Logistics Business (up 6.9% YoY to ¥74,186 million) and the Real Estate Business (up 4.0% YoY to ¥6,480 million) performing solidly. Operating profit rose 22.0% YoY to ¥4,289 million, indicating improvement in the core business as well. Profit attributable to owners of parent surged 140.1% YoY to ¥6,728 million, driven by extraordinary income totaling ¥4,131 million from gains on sales of fixed assets and investment securities. In terms of the external environment, rising office rents in urban areas and stable cargo movement in international freight transportation provided tailwinds, while fluctuations in energy prices and rising labor costs pushed up operating costs (handling costs rose 9.4% YoY). For FY2027 (ending March 2027), core business profit is forecast to decline due to increased expenses.
Growth Strategy
Under the medium-term management plan "YASUDA GROUP CHALLENGE 2027," the company is advancing network expansion, DX, and enhancement of real estate value.
Continuously establishing new domestic and overseas logistics facilities and raising their utilization rates to increase revenue from storage fees, handling fees, and land transportation fees. In FY2026 (ending March 2026), higher utilization of facilities newly established in the prior period contributed to a 16.9% year-on-year increase in Logistics Business segment profit, reaching ¥5,342 million. Investment in facility expansion is planned to continue in FY2027 (ending March 2027) (capital expenditures on tangible fixed assets of ¥7,512 million).
Promoting operational efficiency and new business acquisition through DX utilizing cutting-edge technology and digital technologies. This is positioned as a basic policy of the medium-term management plan, with continued investment in software (ending balance of ¥874 million). While specific quantitative effects have not been disclosed, it is functioning as one factor contributing to business expansion.
Acquired 20% of the shares of Teijin Logistics Co., Ltd. (¥1,300 million) effective April 10, 2026, making it an equity-method affiliate. This provides access to warehouse and transportation bases centered on Western Japan and know-how in synthetic fiber and chemical products logistics, enabling entry into new business areas and network expansion. Full share acquisition and consolidation as a subsidiary is planned in the future.
Promoting value enhancement measures through continued full-scale operation of the Yokohama Station West Exit mixed-use building and redevelopment and maintenance of owned real estate. In FY2026 (ending March 2026), real estate rental income was ¥4,689 million (up 4.0% year on year), and the fair value of rental real estate at fiscal year-end reached ¥64,677 million. The trend of rising urban rents (an external factor) also provides a tailwind.
Last updated: July 19, 2026