SAIBU GAS HOLDINGS CO., LTD.
9536・Prime Market・Electric Power & Gas
Gas
The core business of the Saibu Gas Group, the city gas business accounts for approximately 58% of consolidated net sales
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment net sales (full year) | ¥153,490 million | ¥159,109 million (including internal transactions, total) | ↓ |
| Segment profit (full year) | ¥7,914 million | ¥5,682 million | ↑ |
| Segment assets (fiscal year-end) | ¥190,907 million | ¥177,933 million | ↑ |
| Depreciation and amortization (full year) | ¥10,035 million | ¥12,678 million | ↓ |
| City gas sales volume (full year) | 913,410 thousand m³ | 930,390 thousand m³ | ↓ |
| Residential gas sales volume (full year) | 200,962 thousand m³ | 206,437 thousand m³ | ↓ |
| Commercial gas sales volume (full year) | 592,840 thousand m³ | 601,196 thousand m³ | ↓ |
| Wholesale gas sales volume (full year) | 119,608 thousand m³ | 122,757 thousand m³ | ↓ |
| Number of retail customers (fiscal year-end) | 874 thousand | 874 thousand | — |
Business Details
Centered on Saibu Gas Co., Ltd., this segment manufactures, supplies, and sells city gas in the Kyushu region (Fukuoka, Kumamoto, Nagasaki, Sasebo, Kurume, Omuta, etc.). It serves three demand categories—residential, commercial, and wholesale supply—and also provides related services such as Gas Appliance Sales & Piping Construction and Gas Appliance Inspection. It also conducts LNG Sales & International Energy Business utilizing the Hibiki LNG Terminal. From the current consolidated fiscal year, the Renovation Business was transferred from the Real Estate segment to the Gas segment. Net sales for FY2026 (ending March 2026) were ¥153,490 million.
Recent Overview
Despite lower sales volume, segment profit improved substantially, up 39.3% year on year, due to a decrease in depreciation expense
In the Gas segment for FY2026 (ending March 2026), net sales decreased 3.5% year on year to ¥153,490 million due to downward adjustment of gas unit prices through the raw material cost adjustment mechanism and declines in city gas sales volume across all use categories (total volume down 1.8% year on year). On the other hand, a significant decrease in depreciation expense at the Hibiki LNG Terminal led to a substantial improvement in segment profit, up 39.3% year on year to ¥7,914 million. The Renovation Business was transferred to the Gas segment from the current fiscal year.
Key Products
Growth Drivers
- Structural improvement in segment profit due to decreased depreciation expense at the Hibiki LNG Terminal (depreciation: ¥12,678 million in the prior year → ¥10,035 million in the current year)
- Room for global business expansion through capacity enhancement at the Hibiki LNG Terminal (addition of LNG tanks)
- Positioning the capture of natural gas transition demand as the most important priority under the medium-term management plan ACT2027
- Decarbonization initiatives such as expanded adoption of carbon-offset city gas and methanation demonstration projects
- Pursuit of business synergies from the transfer of the Renovation Business to the Gas segment
- Maintenance and expansion of the customer base through a slight increase in the number of meters installed (up 0.5% year on year to 1,147 thousand units)
Risks
- Downward adjustment of gas unit prices through the raw material cost adjustment mechanism is pressuring net sales (net sales down 3.5% year on year in the current period)
- Exchange rate and crude oil price fluctuation risk affecting LNG import costs (time lag arises due to the raw material cost adjustment mechanism)
- Demand fluctuation risk due to changes in temperature and water temperature, etc. (residential gas sales volume decreased 2.7% due to higher average temperatures than the prior year)
- Decrease in commercial gas sales volume due to reduced operations among existing customers, etc. (down 1.4% year on year to 592,840 thousand m³)
- Decrease in wholesale gas sales volume due to reduced demand from wholesale supply customers (down 2.6% year on year to 119,608 thousand m³)
- Maintenance of a high level of interest-bearing debt and interest rate fluctuation risk associated with substantial capital investment in the city gas business
- Long-term demand decline risk due to fuel switching to electricity and renewable energy
Last updated: June 19, 2026