Toyo Tire reports $3.6B in 2023 net sales

Toyo Tire reports $3.6B in 2023 net sales

Toyo increased net sales by 11.2%, operating income by 74.6% and ordinary income by 68.6% over 2022.

Toyo Tire Corporation revealed its consolidated business performance for the fiscal year 2023. According to the company, the full-year financial results include net sales of 552,825 million yen (approx. $3.6 billion) (an increase of 11.2% from the same period in FY2022); operating income of 76,899 million yen (approx. $513 million) (an increase of 74.6% from the same period in FY2022); ordinary income of 86,047 million yen (approx. $574.1 million) (an increase of 68.6% from the same period in FY2022); and profit attributable to owners of parent at 72,273 million yen (approx. $482.2 million) (an increase of 50.7% from the same period in FY2022).

Toyo said its Tire Business Unit posted net sales of 505,438 million yen (approx. $3.4 billion) (an increase of 10.9% from the same period in FY2022) and an operating income of 76,725 million yen (approx. $511.9 million) (an increase of 64.5% from the same period in FY2022). The Automotive Parts Business Unit posted net sales of 47,374 million yen (approx. $316 million) (an increase of 14.6% from the same period in FY2022) and an operating income of 178 million yen (approx. $1.1 million).

Total assets at the end of the FY2023 were 645,480 million yen (approx. $4.3 billion), an increase of 46,590 million yen (approx. $310.8 million) compared to the end of the previous consolidated accounting period. Liabilities were 250,281 million yen (approx. $1.6 billion), a decrease of 27,693 million yen (approx. $184.7 million) compared to the end of the previous consolidated accounting period. Interest-bearing liabilities were 102,714 million yen (approx. $685.3 million), a decrease of 32,722 million yen (approx. $218.3 million) compared to the end of the previous consolidated accounting period. Net assets as of the end of the FY2023 of the consolidated accounting period were 395,199 million yen (approx. $2.6 billion), an increase of 74,284 million yen (approx. $495.6 million) compared to the end of the previous consolidated accounting period. As a result, the capital ratio increased by 7.7 points compared to the end of the previous consolidated accounting period to 61.2%.

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