Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024 [Based on Japanese GAAP] ( 150KB )

In the business environment surrounding our group, the demand for aviation fuel remained firm year-on-year due to increase in inbound tourists to Japan since the previous fiscal year. However, the demand for overall petroleum products fell as consumers became increasingly conscious of saving due to rising prices.
Under these circumstances, during the three months ended June 30, 2024,, net sales decreased by 0.1% year-on-year to 150,894 million yen. Operating profit decreased by 35.8% year-on-year to 2,440 million yen due to revisions to the unit price of fuel handling fees in the aviation-related business. Ordinary profit decreased by 31.8% year-on-year to 2,789 million yen. Profit attributable to owners of parent increased by 1.4% year-on-year to 2,611 million yen due to an increase in extraordinary income from gains on sales of investment securities.

Results by business segment are as follows.

In the Petroleum-related business, net sales decreased 0.2% year-on-year to 128,846 million yen. Segment profit decreased by 18.2% year-on-year to 1,652 million yen due to an increase in selling, general and administrative expenses.

In the Chemicals Products-related Business, net sales increased by 2.3% year-on-year to 3,104 million yen. Segment profit increased by 11.9% year-on-year to 233 million yen, mainly due to a recovery in profit margins.

In the Gas-related business, net sales increased by 9.6% year-on-year to 14,412 million yen due to an increase in sales volume. Segment profit increased by 39.7% year-on-year to 470 million yen due to gains from inventory valuations and other factors.
In May 2024, the company acquired shares of Imari Gas Co., Ltd., which supplies city gas and sells LPG to retailers in Imari City, Saga Prefecture.

In the Aviation-related business, although the volume of fuel handled on international airline remained strong due to an increase in the number of foreign visitors to Japan, due to the revision of the unit price for fuel handling fees at Haneda Airport, net sales decreased by 22.3% year-on-year to 3,494 million yen, and segment profit decreased by 58.7% year-on-year to 822 million yen.

In the Other businesses, net sales decreased by 18.8% year-on-year to 1,037 million yen due to sluggish sales in the cleaning and surface treatment industries for metal products and other products, and in the construction industry. Segment profit decreased by 19.4% year-on-year to 103 million yen due to an increase in personnel and other expenses.