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Toyota Motor Corporation Achieves Record-Breaking 5 Trillion Yen Operating Profit, First Japanese Company to Do So
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Base country: Japan
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Summarized by durumis AI
- Toyota Motor Corporation has achieved a record-breaking operating profit of over 5 trillion yen in the fiscal year ending March 2023, becoming the first Japanese company to reach this milestone.
- The company's record-breaking performance was driven by strong hybrid car sales, resulting in a 21.4% increase in revenue to approximately 45.0953 trillion yen, and a 101.7% rise in net income to approximately 4.9449 trillion yen.
- While the company's forecast for the fiscal year ending March 2024 predicts a 19.7% decline in operating profit and a 27.8% reduction in net income, production volume is expected to continue rising due to increasing hybrid car sales.
Toyota Motor Corporation announced that its operating profit for the fiscal year ended March 2023 reached approximately 5.3529 trillion yen, exceeding 5 trillion yen for the first time in Japan. This was a record high due to strong global sales of hybrid cars over the past year.
Revenue increased by 21.4% year-on-year to approximately 45.0953 trillion yen, while net income surged by 101.7% to approximately 4.9449 trillion yen, marking the first time a domestic manufacturer has surpassed 4 trillion yen. However, net income for the fiscal year ending last year fell short of SoftBank Group's approximately 4.9879 trillion yen.
Meanwhile, Toyota projected an operating profit of 4.3 trillion yen for the fiscal year ending March 2024, down 19.7% year-on-year, and a net income of 3.57 trillion yen, down 27.8%. While the company anticipates some decline in profitability due to increased investment in human resources, it expects sales volume to continue to grow, driven by hybrid cars.
Toyota also announced a share buyback program with a limit of 1 trillion yen. Toyota's global sales for the fiscal year ending March 2023 totaled approximately 11.09 million units, while production reached approximately 11.21 million units, setting a record high for the third consecutive year. Notably, Toyota's standalone global sales surpassed 10 million units for the first time.
