2023 a profitable year for Toyo Tires

Toyo Tire Corporation should have no complaints about 2023, at least when looking at the company’s key financial figures. The Japanese firm has announced an 11.2 per cent year-on-year increase in net sales, to 552.8 billion yen (£2.9 billion). Operating income rose 74.6 per cent year-on-year, to 76.9 billion yen (£406.3 million) with a group-wide profit margin of 13.9 per cent.

Looking specifically at the Tires business, there is even more to buoy the spirits. The segment profit margin of 15.2 per cent makes Toyo Tires one of the most profitable tyre makers industry-wide in 2023.