Profits rose at Japanese car giant Toyota for the fiscal year ending March 31, with the firm reporting that its net income attributable to the company hit ¥4.94 trillion ($32 billion) or ¥365.94 per share from ¥2.45 trillion or ¥179.47 per share in the previous year.
The company said on Wednesday it will increase the year-end dividend to ¥45 per share, an increase of ¥10 compared to the previous year, and set the annual dividend at ¥75, totalling over ¥1 trillion.
The company said it sets aside ¥1 trillion as the maximum limit of share repurchases and will cancel 520 million shares, equivalent to ¥2 trillion worth of treasury shares.
Looking ahead for the fiscal year ending March 31, 2025, the company projects consolidated vehicle sales to be 9.500 million units, 100.6% of the previous fiscal year.
In Japan, the company expects a decrease in sales volume mainly at Daihatsu.
Electrified vehicle sales are expected to be a total of 4.827 million units, or 46.4% of total sales. For the fiscal year ending March 31, 2025, the company expects sales revenues to be ¥46.00 trillion, up 2.0% from the prior year.
It projects operating income to be ¥4.30 trillion, down 19.7% from the previous year.
It anticipates net income attributable to the company to be ¥3.57 trillion, down 27.8% from the prior year.
Toyota's operating income for the year 2024 was ¥5.35 trillion, up from ¥2.73 trillion in the prior year.
Total sales revenues for the year 2024 rose to ¥45.10 trillion from ¥37.15 trillion last year.
Consolidated vehicle unit sales in Japan and overseas increased by 621 thousand units or 7.0%, to 9.443 million units in fiscal year 2024 compared with fiscal year 2023.
Vehicle unit sales in Japan decreased by 76 thousand units or 3.7%, to 1.993 million units in fiscal year 2024 compared with fiscal year 2023.
Meanwhile, overseas vehicle unit sales increased by 697 thousand units, or 10.3%, to 7.450 million units in fiscal year 2024 compared with fiscal year 2023.