Japanese trading giant Toyota Tsusho Corporation (TTC) saw its net earnings in Africa rise 89.8 percent to Sh10.3 billion in the nine months ended December on the back of increased sales.
The multinational, which owns Toyota Kenya, DT Dobie and scores of other subsidiaries on the continent, had posted a net profit of Sh5.4 billion a year earlier.
“Profit for the period (attributable to owners of the parent) increased 5.3 billion yen (Sh4.8 billion) or 89.8 percent year on year to 11.2 billion yen (Sh10.3 billion), largely as a result of automotive sales growth,” TTC said in a trading update.
Sales in the review period jumped 38.4 percent to Sh566 billion from Sh408.7 billion. The multinational says its African business ended the period with assets worth Sh573.2 billion, up from Sh488.7 billion.
TTC’s main business in Africa is sales of motor vehicles including those manufactured by its affiliate company –Japanese automaker Toyota Motor Corporation.