Nissan has posted fiscal year 2023 (ended 31 March 2024) operating profit of 568.7 billion yen, up 51% on the previous year.

The company’s bottom line was boosted by rebounding (post-chips crisis) volume and a weak yen which boosted overseas earnings.

Revenue for the period was up 20% to 12.7 trillion yen.

Operating profit was up 51% to 568.7 billion yen, with operating margin at 4.5% (3.6% in previous year).

Nevertheless, Nissan said global sales for the year remained at 3.44 million units impacted by intensified sales competition. There were other negative impacts such as the Noto Earthquake and various cost relief made to suppliers due to “inflation, and other factors”, the company said. Nissan has also faced difficulties in China’s market, which is subject to intense competition – and its sales there have fallen by around a quarter in the last year.

Operating profit in the fourth quarter of FY2023 (ended 31 March, 2024) was up just 2.9% to 90.3 billion yen and fell below analyst expectations.

Looking ahead, Nissan said it expects the business to continue to face intense competition and inflationary pressure.

Nissan president and CEO Makoto Uchida said: “Through our Nissan NEXT initiatives, we have been working to strengthen our business foundation. From fiscal year 2024, we have launched a new business plan, ’The Arc’. We aim to achieve sustainable, profitable growth while providing high value to customers. We will do this step by step with a balanced product portfolio and by implementing optimal business strategies in response to market conditions and customer needs.”