Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Message from the President and CEO
I express my deep gratitude for your continued support of
Ryuseki Corporation and Ryuseki Group.

Takahiro Nerome
President and Chief
Executive Officer

Ryuseki was founded in 1950 as the first private oil supply
company in the postwar era, led by Ichiro Inamine who was
passionate for the economic recovery of Okinawa. Inheriting
the founder’s spirit of “Shagyo no Kokyosei ni Tessuru,” whichmeans all the business in Ryuseki must be contributing tosociety, Ryuseki has been dedicated to supplying safe andstable energy as a company supporting the lifeline of Okinawa
Prefecture, where the island infrastructure is greatly affectedby typhoons. Our mission is to continue to support the livesof every person on the outlying islands and to energize
dynamic and creative industrial development.

The world faces the age of VUCA with an ambiguous and unpredictable future. Particularly inthe last few years, our environment has been uncertain and volatile as represented by theoutbreak of COVID-19 and frequent abnormal weather events caused by global warming. The
social structure of Japan and Okinawa Prefecture is confronted by numerous challenges suchas dwindling domestic market due to declining birthrate and aging society, labor shortage
presenting risks to sustainable social infrastructure, and population drop resulting in ruraldepopulation.
The energy business, the mainstay of Ryuseki Group, is accelerating
government-led moves toward achievement of a decarbonized society, with a global goal to"achieve carbon neutrality in 2050". At this major turning point in energy policy, efforts
toward energy transition are imperative. Through digital technologies, Ryuseki will create newservices, find solutions to labor shortages, improve labor productivity, and balance the twogoals of “providing stable supply of traditional fuels” and “achieving carbon neutrality” toestablish ourselves as the top runner company in the realization of a decarbonized Okinawa
Prefecture.
In fiscal year 2024, we have adopted the management slogan, “Challenge to the Next:
Supporting Today and Striving towards the Future” and developed “RYUSEKI GROUP VISION
2030” as the vision for our company’s future. We will undertake high-growth businesses,
human resources development and work style reforms, and corporate branding enhancements
to implement our new corporate identity (CI) adopted last September and to pass on our
unwavering founding spirit of “Shagyo no Kokyosei ni Tessuru,”. Ryuseki Group strives to be
the Resource of Happiness, always attentive to the role we need to play and living up to trustand expectations.
We ask for your continued support and patronage.

2
Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Corporate Overview
Company Name

Ryuseki corporation

Head Office
Address

2-2-3 Irijima Urasoe Okinawa,
901-2123 JapanTEL 098-875-5000 FAX 098-875-0270

Bilding of Ryuseki

Date of
Establishment

September 6,1950

Capital1,050 million yen

President, Chief
Executive Officer

Takahiro Nerome

Annual Sales

86,379 million yen（As of
FY2023）

Bank of AccountBank of Okinawa, Bank of the
Ryukyus, Nōrinchūo Bank, Okinawa
Kaiho Bank, JA Okinawa, MUFG
Bank, Mizuho Bank, Nippon Life
Insurance Company, Shōkō Chukin
Bank

Description ofBusiness

Wholesale and retail trade ofpetroleum, LNG (liquefied naturalgas), any and all businesses
related to the foregoing items.

Number of
Employees

441（As of FY2023）

Board of Directors Haruo Toume, Executive Chairman

Takahiro Nerome,
President and Chief Executive Officer
Kiyoshi Kamiunten,
Executive Managing Director
Hirofumi Shimabukuro,
Senior Managing Director
Seikou Yasuoka,
Senior Managing Director
Tsugutaka Sakiyama,
Senior Managing Director
Kazumi Miyagi,
Senior Managing Director
Ken Agena, Managing Director
Tsuyoshi Ogawa, Managing Director
Kensaku Machida, Managing Director
Toshiaki Sakumoto, Standing
Corporate Auditor
Kenji Chibana, Corporate Auditor
Ken Ganaha, Corporate Auditor

3
Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Organization Chart
General Meeting of
Shareholders
Board of Auditors
Boarl of Directers

Executive Chairman

President and Chief
Executive Officer

Secretariat Office

Executive Meeting ofManagement

lnternal Auditor
OfficeManagerial Planning
Division

Human Resources
Division

GeneralAdministration
Department

GeneralManagement
Division

Finance & Tax
Affairs Division

Account Settlement
Division

Hotel & Restaurant
Division

Business
Development
Department

Property
Management
Division

Future Creation
Division

New Energy
Development
Division

To be continued

4Oil Distribution
Department

Sales Support
Division

Yaeyama Branch
OfficeOil Sales Division

Distributor
Management
Division

Gas Sales Division
Yaeyama Logistics
CenterAsahimaru

Industrial Energy
Department

POL Sales Division

Gas Distribution
Department

Sales Support
Division

Distributor
Management
Division

Equipment
Management
Division

Miyako Branch
OfficeOil Sales Division

Gas Sales Division
Miyako Logistics
CenterAsahimaru

Chubu Branch Office
Oil Sales Division

Gas Sales Division

Home Energy
Department

Sales Support
Division

Chubu Logistics
CenterIshikawa Oil Storage
site

Home Gas Sales
Division

Hokubu Branch
OfficeGas Sales Division

Maintenance andDevelopment Division

Hokubu Logistics
CenterNaha Branch Office
City Gas sales
Division

Oil Sales Division

Naha Logistics Center

Total Logistics
Department

Sales Support
Division

Land Shipping
Division

Asahimaru
Kumejima Logistics
CenterItoman Logistics
CenterOroku Branch

OfficeMaritime Shipping
Division

Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Urasoe Logistics
CenterNanbu Deposioru
Center5

Business Outline
Petroleum Commerce
In 1950, Ryuseki began as Okinawa‘s sole private oil supply company, enhancing the postwar rebuilding momentum. Since then, we have devoted ourselves to sustain and support
the community by providing a stable supply of energy, a crucial and fundamental aspect in
the building of a social infrastructure.
Oil Distribution Department
Automobiles are valued assets and are indispensable in the
Okinawan life. Ryuseki SS (Service Station) provides complete
amenities and maintenance services for our customer's cherishedautomobiles. Beyond providing excellent petro-filling services,
Ryuseki SS caters to every driver‘s needs by offering free
check-ups on items from tires to engines. We have a meticulous
car-wash service that has been highly touted by our customers.
Our service stations offer a variety of car safety inspection
services in which customers can choose plans best meeting
their needs. Within our car-detailing services, we offer UV
window films, a must-have item for drivers who look for reprieve
from Okinawa’s intense sun. Ryuseki offers a customer
convenience of mutual settlement method at 60 member SS forgas purchase per liter and a loyalty program with the Pita Eco
Card. Enrollment is free, and members get special pricing andpoints on purchase at participating Ryuseki SS. Points can beused to redeem gasoline coupons. Convenient for gifts or
promotions, the Ryuseki Gift Coupons are available for purchasein any Ryuseki SS.
Be sure to check out our menu for other available high-quality
services.

Car inspection and detailing service station, maehara【Business Outline】
Oils, Lubricants and Automobile-related Wholesale Products

Industrial Energy Department

Naha Logistics Center

Oil energy enriches livelihoods and bolsters the industrial
infrastructure for corporate enterprises of Okinawa. Sinceestablishment, our company has provided high caliber sources ofenergies for the electrical, the marine, the tourism trade, and the
medical fields. Services range from factory ventilation tohousehold plumbing. Our services covers even the remotest of
the Okinawan islands. Six strategic locations of industrial
petroleum stations supply oil to Okinawa, a typhoon-prone
archipelago. The energy supply system transforms with time.
Energy forms have become customizable for their use and or
purposes with the adoption of new systems such as decentralized
electrical generation. Our company can provide the best possibleenergy solutions to any customer. We extend excellent
maintenance services even after an order is complete. Ryuseki iscommitted to customer satisfaction.

Asahimaru, Fuel Barge【Business Outline】Oils and Lubricants Retail / Energy
Products Distribution (decentralized electricity source, etc.) /Air Conditioning Equipment Distribution (KHP)

6
Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Business Outline

Gas Energy Commerce
In 1957, Ryuseki began its second undertaking, gas
energy. Utilizing advanced equipment and systems,
the company provides value-added, high quality
services.
Gas Distribution Department
Gas Energy is an indispensable form of daily ecologicallyfriendly energy source. It is not just used for cooking or forheating water anymore; its applications are diverse, from airconditioning to power generation. Ryuseki offer a proposal ofa pleasant lifestyle with the best utilized properties of gas
service. In addition to the distribution of LP (liquid propane)gas and equipment, we offer an array of products such as
gas-engine heat pumps (GHP) and kitchen units to meet allof our customers' needs.
In supplying gas energy securely and dependably, we haveestablished comprehensive delivery routes throughout
Okinawa via five delivery center locations. To ensure efficientdelivery and safe, secure service monitored around the clock,
we employ a vehicle tracking data system called, G-Net 7.
We offer consistency and reliability utilizing bar-code
automatic filling functions for installations and inspection of
LP gas cylinders.

Urasoe Logistics Center, LP Gas Filling Station

LP Gas Cylinder Inspection Station【Business Outline】 LP and LNG (liquid natural gas)
Distribution / Fuel Containers and Gas-powered Appliances /Air-conditioning Equipment (Gas Heat Pump)

Home Energy Department
We deliver LP gas, a clean and safe source of energy that isnearly unaffected by natural disasters, throughout
households in Okinawa and to the Okinawa' outermost
islands to include Miyako and Yaeyama. gas energy utilities
are more versatile than ever before. It provides power forcooking, heating water, air condition and even power
generation. We offer solutions and provide services thatenhance lifestyles and assist businesses secure stable andsafe energy. Providing safe and secure natural gas energy
is priority number one.
【Business Outline】 Distribution, Inspection and Safety
Management of LP Gas for Home and Professional Use / LNG
Gas Distribution / Marketing and Distribution for Gas Powered
Appliances, Domestic and Professional Use / GHP Marketingand Distribution / Household Appliances and Systems
Marketing and Distribution

7
Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Business Outline

Total Logistics Department
Land Shipping Division
The Land Shipping Division manages fuel, gas storage
facilities and is responsible for the transport of petroleum
products, LP gas, and LNG for private homes and forindustry.
【Business Outline】 General Cargo Transportation, Aircraft Refueling/Lubricant Transportation and Management / Facilities Management /Oil Tank Facilities Management

Maritime Shipping Division
The Maritime Shipping Division handles oil shipping
operations by domestic tanker chiefly within Okinawa
Prefecture and at-sea refueling operations for vessels
around Naha, Yaeyama and Miyako.
As the first domestic shipping operator in Okinawa toacquire ISM Code (International Safety Management) in
2002, we remain steadfast to safety management rules witha basic principle that ensures health of employees, safe
operation of vessels and environment conservation of theearth. With the first principle in sea transport operation,“We contribute to society through safe and smoothnavigation, securing stable supply and ceaseless frontier
spirit", we will further endeavor with both land and sea
operation working closely, to supply stable energy and playa vital role in economical development of Okinawa.
【Business Outline】 Coastal Shipping Operations

8
Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Business Outline

CSR Activities
Ryuseki actively engages in the CSR (Corporate Social Responsibility) activities,
with focus in the three tenets of management, compliance, and mental health care.
Guided by our fundamental principle, “Shagyo no Kokyosei ni Tessuru," whichmeans all the business in Ryuseki must be contributing to society. We make theutmost effort to secure and maintain confidence and the trust of each customer andstake holder, the community, and Okinawa as a whole. To be transparent in ourpledge to uphold CSR activities, we have set up a task force to oversee CSR
activities.

Internal Audit Office

In compliance with corporate law, our Internal Audit Office was set up in 2008 toensure effective internal operation and management. Under the direct supervisionof the company president, the Internal Audit Office audits corporate activities forcompliance based on laws, corporate philosophy and company rules. The office
works closely with the auditing officer to provide advice, recommendations, andassistance for continual improvement.

9
Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Business Results Summary
Ryuseki Financial Report

Financial Period
Date of Settlement

69th

70th

71st

72nd

73rd

20-Mar21-Mar22-Mar23-Mar24-MarSales Volume（mill. yen）

63,256

51,57467,65486,87486,379Ordinary Income（mill. yen）

2,535

2,866

3,650

3,349

3,212

Net Income for the Period（mill. yen）

6,747

1,980

2,434

2,392

2,225

Capital Stock（mill. yen）

1,050

1,050

1,050

1,050

1,050

Issued Shares（thouｓ. stock）

3,000

3,000

3,000

3,000

3,000

Net Assets（mill. yen）

20,002

21,83524,22526,452

28,728

Total Assets（mill. yen）

40,991

41,07445,40945,26849,035Net Assets per Share（yen）

6,667.38

7,278.45

8,075.29

8,817.34

9,576.26

Dividends per Share

（yen）

30.5

40.0

40.0

40.0

40.0

Net Income per Share（yen）

2,249.18

660.00811.40797.46741.67

Equity Ratio

（％）

48.8

53.2

53.4

58.4

58.6

Return Rate on Equity

（％）

38.8

9.5

10.6

9.4

8.1

Payout Ratio

（％）

1.36

6.06

4.93

5.02

5.39

（pax）

391
(147)

396
(152)

435
(135)

447
(148)

441
(137)

Number of Employees〔Average Number of Temp Employees and Other〕

Ryuseki Groups Consolidated Financial Report
Financial Period

69th

70th

71st

72nd

73rd

Date of Account Settlement

20-Mar21-Mar22-Mar23-Mar24-MarSales Volume（mill. yen）

85,49770,756

87,687

110,696

110,437

Ordinary Income（mill. yen）

3,639

3,246

3,934

4,246

4,489

Net Income Attributable To Owners of Parent Company（mill. yen）

3,092

2,127

2,736

2,965

3,078

Comprehensive Income（mill. yen）

3,057

2,192

2,566

2,998

3,305

Net Assets（mill. yen）

21,703

23,79626,43929,31432,495

Total Assets（mill. yen）

43,71544,98949,48149,39353,408Net Asset per Share（yen）

7,134.85

7,831.90

8,702.18

9,653.26

10,699.34

Net Income per Share（yen）

1,030.92

709.23912.10988.36

1,026.24

Equity Ratio

（％）

49.0

52.2

52.8

58.6

60.1

Return Rate on Equity

（％）

15.5

9.5

11.0

10.8

10.1

Cash flows from operating activities（mill. yen）

4,262

2,551

3,242

5,136

7,137

Cash flows from investing activities（mill. yen）

△ 710

△ 2,535△ 2,265△ 885△ 1,005

Cash flows from financing activities（mill. yen）

△ 3,717△ 130△ 1,144△ 4,226△ 1,822

Cash and cash equivalents at end of period （mill. yen）

Number of Employees
Average Number of Temp Employees or Other

（pax）

920

806

638

662

4,971

1,121
(814)

1,156
(871)

1,245
(848)

1,279
(815)

1,215
(832)

10
Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270

Ryuseki Group Companies

OfficeAddress

2-2-3 Irijima Urasoe Okinawa,
901-2123 Japan
Phone: 098-876-1920

OfficeAddress

4-20-1 Jicchaku Urasoe Okinawa,
901-2122 Japan
Phone: 098-874-6000

OfficeAddress

4-20-1 Jicchaku Urasoe Okinawa,
901-2122 Japan
Phone: 098-878-3388

C.E.O

Hirofumi Shimabukuro

C.E.O

Kiyoshi Kamiunten

C.E.O

Ken Agena

Date of
Establishm
ent

June 21st, 2019

Date ofJune 21st, 2019
Establishm
ent

Date ofDecember 22nd, 1999
Establishm
ent

CapitalStock

50 million yen

CapitalStock

CapitalStock

100 million yen

Number of
Employees

645

Number of 477
Employees

Number of
Employees

94

AnnualSales

22,665 million yen

AnnualSales

9,759million yen

AnnualSales

3,358 million yen

Business
Content

Operation of Service Station
Operation of Autobacs(Automotive parts andaccessories retailing) Life
insurance/ Non-life insurance
agent dealings, Operation of
convenience stores

Business
Content

Staffing service, Systemdevelopment, IT devices
distribution, Solution provision,
Managing au shops and UQ sales
spot, Operation of Curves (Sportsgym), Advertisement and Sales
promotion design

Business
Content

Design and execution supervisionof construction work of detachedhomes, condominium, hotels andservice station.Consulting, sales
and brokering real estate. Painting
and renovation of building. Red
soil outflow prevention work.

Websitehttp://www.pitanet.co.jp

Websitehttps://www.frontline.ryuseki-group.jp

Websitehttp://www.ryuseki-kensetsu.jp

OfficeAddress

308 -1 Ona Haebaru Okinawa,
901-1101 Japan
Phone: 098-888-0080

OfficeAddress

32 Kokuba Naha Okinawa,902-0075 Japan
Phone: 098-840-0081

OfficeAddress

4-20-1 Jicchaku Urasoe Okinawa,
901-2122 Japan
Phone: 098-874-6000

C.E.O

Tsugutaka Sakiyama

C.E.O

Isao Tome

C.E.O

Kiyoshi Kamiunten

April 1, 2021
Date of
Establishm
ent

50 million yen

Date ofDecember 12th, 2004
Establishm
ent

Date ofMay 20, 1987
Establishm
ent

CapitalStock

50 million yen

CapitalStock

50 million yen

CapitalStock

10 million yen

Number of
Employees

95

Number of
Employees

120

Number of
Employees

18

AnnualSales

4,544 million yen

AnnualSales

709million yen

AnnualSales

79 million yen

Business
Content

Retail distribution of foodproducts for catering,
refrigerated and frozen foods.
Retailing and distribution ofpainting and coating materials,
waterproof material, machinery
tools, interior and packing
materials

Business
Content

Nursing-care services (PitaSapo) Assisted-living fee-based
nursing homes Himawari(Designated by Naha city as
community based specified
facility)

Business
Content

Operation of industry-sponsoredchildcare service

Websitehttps://www.ryuseki.co.jp/daia

Websitehttp://carepro.ryuseki-group.jp

11
Ryuseki corporation
2-2-3 Irijima Urasoe Okinawa, 901-2123 Japan

Phone: 098-875-5000 Fax: 098-875-0270