(MENAFN) Japan's leading automaker, Toyota, has announced a remarkable achievement in its fiscal year ending in March, doubling its net profit propelled by robust auto sales and a beneficial exchange rate. The company disclosed that its total annual profits soared to 4.9 trillion yen (USD31.9 billion), marking an impressive 84 percent surge from the previous year's figure of 2.45 trillion yen. Additionally, Toyota reported a significant uptick in sales, rising by 21 percent to 45 trillion yen (USD290 billion), as announced on Wednesday.
Toyota's financial performance surpassed even its own expectations, with profits exceeding the projected 4.5 trillion yen (USD29 billion). This remarkable outcome was attributed to a global surge in sales, with the company witnessing an increase from 8.8 million vehicles to 9.4 million vehicles sold in the previous fiscal year.
The success of Toyota's hybrid car models notably contributed to its strong performance, while the company reiterated its commitment to diversifying its electric vehicle offerings, encompassing battery-powered, charger-powered, and fuel-cell electric cars.
A favorable exchange rate, with the yen weakening against the dollar, provided a significant boost to Toyota's profitability. The yen's depreciation, with the dollar reaching approximately 145 Japanese yen compared to 135 yen in the preceding year, favored Toyota's bottom line. This advantageous exchange rate dynamic, coupled with strong sales performance, underpinned Toyota's stellar financial results.
In the final quarter of the fiscal year (January-March), Toyota continued its upward trajectory, reporting profits of 997.6 billion yen (USD6.4 billion), a substantial increase from the 552 billion yen recorded in the corresponding period of the previous year. Moreover, sales in this quarter surged to 11 trillion yen (USD71 billion), up from 9.7 trillion yen, further highlighting the company's robust performance across key financial metrics.
In summary, Toyota's record-breaking fiscal year profits underscore its resilience and strategic positioning in the global automotive market, driven by strong sales figures, innovative product offerings, and advantageous exchange rate dynamics.
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