Fujiki Komuten sales drop 19%, but dividend holds as operating cash flow rises

Fujiki Komuten ended the year to March 2026 with a sharp decline in revenue, while profit and dividend numbers changed less sharply. Net sales fell 19.1% to ¥35.68bn from ¥44.12bn a year earlier. Ordinary income slipped 3.7% to ¥2.37bn, and net income fell 9.0% to ¥1.70bn from ¥1.87bn.

One reason those figures matter is the shape of the change, not just the direction. The fall in sales was much steeper than the declines in ordinary income and net income. Fujiki Komuten also kept its annual dividend at ¥11 a share, unchanged from the previous year, while basic earnings per share eased to ¥87.57 from ¥96.27.

Viewed against the longer series in the excerpt, sales in the year to March 2026 fell back toward earlier levels. Revenue was ¥35.68bn, compared with ¥44.12bn a year earlier, ¥36.78bn two years earlier and ¥35.55bn three years earlier. Net income of ¥1.70bn was down from the prior year, but still above the ¥1.26bn reported two years earlier and well above ¥86.6mn three years earlier.

Cash and balance-sheet metrics also moved up in absolute terms. Net cash from operating activities rose to ¥7.54bn from ¥3.06bn. Net assets increased to ¥26.10bn from ¥24.08bn, and total assets rose to ¥44.79bn from ¥38.64bn. The equity-to-asset ratio, however, fell to 58.3% from 62.3%.

For readers outside Japan, the main point is the combination of numbers, not any single line item. This filing shows lower revenue, smaller declines in profit, stronger operating cash generation and a flat dividend. What it does not show is the reason for the revenue decline: the filing excerpt available in the packet contains summary line items, but no segment breakdown or management explanation.