Toyota New Zealand’s after-tax profit of $88.1m in the latest financial year represents an almost five per cent lift from $84.1m in the previous period.
Total revenue grew 14 per cent compared with the last filing, from $1.6b to $1.8b.
Assets increased seven per cent from $643.9m to $690.5m over the same period, with cash and cash equivalents up 39 per cent to $144m.
The report published recently on the Companies Office website also notes wage and salary payments increased by 6.1 per cent from $31.1m to $33m.
The profit increase came despite the overall new vehicle market’s 11 per cent decline to 149,005 registrations in 2023. This is in part the result of changes in the clean car discount (CCD) midyear, and then again when the CCD was revoked at the end of the calendar year.
Toyota’s various business sectors continued to perform well, with the new vehicle division securing its 36th consecutive year of market leadership.
The board felt that the clean car standard, which came into effect on January 1, 2023, will continue to impact on the new vehicle industry over the next few years. Manufacturers and importers must respond to stricter emissions targets by making or bringing in low emissions vehicles.
Toyota NZ believes it is well placed to address the short-term impact to its business operations and studies on long-term effects are ongoing.
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