Nissan profits jump 92%

9th May 2024 11:36

(Sharecast News) - Motor manufacturer Nissan said annual profit jumped 92% to 426.6 billion yen (£2.1bn), driven by higher sales in all major global markets except China.

Yearly sales were up by a fifth to YEN 12.7trln (£65.3bn) the company added on Thursday. First-quarter profit at Nissan fell slightly to YEN 101.3 billion yen (£520m).

Nissan forecast an 11% fall in profit next year to YEN 380 billion (£1.9bn) due to development costs, including support for suppliers.

Global sales for the last financial year hit 3.44 million vehicles, slightly lower than company estimates but up from 3.3 million a year earlier. By region, Nissan sales grew in the US, Japan and Europe, but slumped 24% in China as it faced stiffer local competition.

Nissan is expecting its global sales to rise to 3.7 million vehicles this fiscal year, with sales recovering in China while continuing to grow in North America, Japan and Europe.

Reporting by Frank Prenesti for Sharecast.com