Nissan has posted a set of highly positive financial results quarterly and first half results, with profits boosted by higher revenues and a weaker yen.

First half revenues were up 30% year-on-year to 6,063 billion yen with operating profit doubled to 336.7 billion yen.

Although sales volume in China declined due to intensifying competition and the accelerated transition to new energy vehicles led by local brands, sales in other regions increased significantly year on year, Nissan said. The increased revenues and operating profit were driven by higher year-on-year consolidated unit sales.

In the quarter to the end of September, consolidated net revenue was 3.1457 trillion yen (almost 25% ahead of the prior year period), with consolidated operating profit of 208.1 billion yen (versus 91.7 billion yen in Q2 2022), representing an operating profit margin of 6.6%.

Nissan has revised upward its full-year forecast for fiscal 2023, reflecting expectations of further improvements in global retail sales (excluding China) and positive foreign exchange benefits in the first half of 2023. The revised forecast anticipates a 400 billion yen upward adjustment in net revenue, a 70 billion yen increase in operating profit to 620 billion yen, with net profit expected to increase by 50 billion yen to 390 billion yen.

Nissan President and CEO Makoto Uchida said: “We have made substantial year-on-year operating profit improvements in the final year of our Nissan NEXT transformation plan. This puts us on track towards delivering our targets and achieving sustainable growth. We are also taking strategic actions to enhance our operations in China, including the launch of four New Energy Vehicles starting from the second half of 2024. Combined, these steps demonstrate continued progress in realizing our long-term vision, Nissan Ambition 2030.”