Logistics July 3, 2026 5 min read TSE: 9369

Kyuso Distribution First-Half Operating Profit Slips 3.6% to ¥3.0bn Despite 3.1% Revenue Growth

Kyuso Distribution System, a Japanese cold-chain and third-party logistics operator for the food industry, reported first-half operating revenue up 3.1% to ¥102.74 billion but operating profit down 3.6% to ¥2.96 billion as cost pressures weighed; interim net profit fell 13.9% and the interim dividend was set at ¥12.

Kyuso Distribution System · TSE

Kyuso Distribution System Co., Ltd. (KRS; TSE: 9369), which specialises in temperature-controlled (chilled and frozen) food logistics and third-party logistics for Japan's food industry — alongside common-carrier delivery and cold storage — reported first-half results for the six months to May 31, 2026. Under Japanese GAAP, consolidated operating revenue rose 3.1% to ¥102.74 billion, but operating profit fell 3.6% to ¥2.96 billion, ordinary profit fell 5.7% to ¥2.48 billion and interim net profit attributable to owners fell 13.9% to ¥1.26 billion. EPS was ¥50.82, down from ¥59.05.

Volume growth offset by costs

Revenue grew on solid food-distribution volumes, but higher labour, fuel and outsourcing costs compressed profit. Comprehensive income nonetheless rose sharply to ¥2.60 billion, up 184.3%, helped by valuation gains.

Balance sheet and dividend

Total assets were ¥141.80 billion, net assets ¥59.35 billion and the equity ratio 33.0%. The interim dividend was set at ¥12.00; a year earlier the ¥13.50 interim payment had included a ¥2 commemorative dividend. The full-year dividend is guided at ¥24.00 (¥12 interim plus ¥12 year-end), versus ¥27.50 last year, which had included ¥4 of commemorative dividends.

Outlook

For the full year to November 2026, Kyuso guides operating revenue of ¥205.00 billion (+1.2%), operating profit of ¥5.70 billion (+1.0%), ordinary profit of ¥4.40 billion (−8.7%) and net profit of ¥2.10 billion (−20.7%), for EPS of ¥84.48.

Kyuso Distribution System — H1 FY11/2026 Key Financials (J-GAAP, consolidated)
Metric	H1 FY11/26	H1 FY11/25	YoY
Operating revenue (¥m)	102,735	99,660	+3.1%
Operating profit (¥m)	2,960	3,071	−3.6%
Ordinary profit (¥m)	2,481	2,630	−5.7%
Interim net profit (¥m)	1,263	1,467	−13.9%
EPS (¥)	50.82	59.05	−13.9%
Equity ratio	33.0%	33.2%	−0.2pp
FY11/26 OP guidance (¥m)	5,700	5,643	+1.0%

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.