Toyota’s Annual Operating Profit Tops 5 T. Yen

Jiji Press

16:05 JST, May 8, 2024

Tokyo, May 8 (Jiji Press)—Toyota Motor Corp. said Wednesday its group operating profit for fiscal 2023 surged 96.4 pct from the previous year to ¥5,352..9 billion , surpassing ¥5 trillion for the first time.

Toyota became the first Japanese company to report an annual operating profit of over ¥5 trillion .

In the fiscal year that ended in March, the leading Japanese automaker’s net profit nearly doubled to hit a record high of ¥4,944.9 billion , coming close to the Japanese company record high of 4,987.9 billion, logged by SoftBank Group Corp. in the year to March 2021.

Toyota’s sales climbed 21.4 pct to ¥45,095.3 billion , also a new record.

The rosy earnings were due to robust sales of hybrid vehicles mainly in the North American and European markets, as well as the yen moving on a weak note throughout the fiscal year.

Toyota’s global vehicle sales, including those of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., rose 5.0 pct to 11.09 million units, below the group’s initial sales plan of 11.38 million units due to Daihatsu’s safety test fraud scandal and fierce competition in the Chinese market.

For fiscal 2024, which ends in March next year, Toyota expects its operating profit to fall 19.7 pct to ¥4.3 trillion , its net profit to plunge 27.8 pct to ¥3.57 trillion and its sales to rise 2.0 pct to ¥46 trillion . Its global vehicle sales are projected to decline 1.3 pct to 10.95 million units.

Toyota’s assumed exchange rate stood at ¥145 to the dollar and ¥160 to the euro for fiscal 2024, against ¥145 and ¥157 , respectively, in fiscal 2023.