Toyo Tires Reports 2023 Financial Results

Toyo Tire Corporation (“the Company”; President & CEO: Takashi Shimizu) announces its consolidated business performance for the fiscal year 2023 (January 1, 2023 through December 31, 2023) as follows:

• Quantitative information concerning the Full-year financial results:
• Net Sales: 552,825 million yen (an increase of 55,611 million yen, or 11.2% from the same period in FY2022)
• Operating Income: 76,899 million yen (an increase of 32,853 million yen, or 74.6% from the same period in FY2022)
• Ordinary Income: 86,047 million yen (an increase of 35,012 million yen, or 68.6% from the same period in FY2022)
• Profit Attributable to Owners of Parent: 72,273 million yen (an increase of 24,316 million yen, or 50.7% from the same period in FY2022)

Results by Business Unit The Tire Business Unit posted net sales of 505,438 million yen (an increase of 49,642 million yen, or 10.9% from the same period in FY2022) and an operating income of 76,725 million yen (an increase of 30,089 million yen, or 64.5% from the same period in FY2022).

The Automotive Parts Business Unit posted net sales of 47,374 million yen (an increase of 6,028 million yen, or 14.6% from the same period in FY2022) and an operating income of 178 million yen (an increase of 2,769 million yen from the same period in FY2022).

Explanation of financial situation Total assets at the end of the FY2023 of the consolidated accounting period were 645,480 million yen, an increase of 46,590 million yen compared to the end of the previous consolidated accounting period. Liabilities were 250,281 million yen, a decrease of 27,693 million yen compared to the end of the previous consolidated accounting period. Interest-bearing liabilities were 102,714 million yen, a decrease of 32,722 million yen 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, an increase of 74,284 million yen 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 %. …

Source: Toyo Tires