On May 9, 2024, Nissan Motor announced its FY2023 financial results and FY2024 business highlights.
The automaker announced its consolidated sales revenues for the fiscal year ended March 31, 2024 (April 1, 2023 through March 31, 2024) increased by 19.7% year-on-year to JPY 12,685.7 billion. Operating income increased by 50.8% year-on-year (YoY) to JPY 568.7 billion, while net profit increased 92.3% to JPY 426.6 billion. Operating profit growth is contributed by it’s sales performance driven by strong volume and product mix and foreign exchange.
In fiscal year 2023, total global retail sales increased by 4.1% YoY to 3,442 thousand units. In Japan, unit sales rose by 6.5% to 484 thousand units, in North America by 23.3% to 1,262 thousand units and in Europe by 17.2% to 361 thousand units. On the other hand, in China, retail sales fell by 24.1% to 794 thousand units.
As for the financial forecasts for the fiscal year ending March 31, 2025 (April 1, 2024 through March 31, 2025), Nissan forecasts that net revenue is expected to increase by JPN 914.3 billion to JPN 13.6 trillion, operating profit to increase by JPY 31.3 billion to JPY 600 billion, net income is projected to decline to JPN 380 billion. Although inflation costs will be a negative factor, volume increase, forex benefit and raw material costs are expected to contribute to higher operating profit.
Nissan recapped the progress achieved during the Nissan NEXT transformation plan, which
concluded at the end of fiscal 2023. It focused on three areas:
- Rationalization of both our product portfolio and production capacity;
- Prioritizing the markets and product segments where Nissan is strongest.
- and investment for the future in areas including electrification, autonomous driving and battery technology