Toyota Financial Services (South Africa) Limited has released a trading update for FY2024. The company reports a significant increase in operating profit before tax.
Robust Financial Performance
Toyota Financial Services anticipates its operating profit before tax to be between R750 million and R770 million for FY2024. This represents an increase of more than 40% compared to the previous year’s operating profit of R545 million.
| FY2023 | FY2024 (Estimate) | Increase (%) |
|---|---|---|
| R545 million | R750-R770 million | >40% |
The financial statements for FY2024 are currently being compiled. The final audited results are expected to be released on June 14, 2024.
Key Drivers of Profit Growth
The significant profit increase is attributed to several factors:
- Expansion of Asset Portfolio: Toyota Financial Services expanded its asset portfolio, boosting interest income.
- Stabilization of IFRS 9 Provisions: The IFRS 9 provisions have stabilized, contributing to the overall profit growth.
These factors have collectively driven the impressive performance in FY2024.
Upcoming Financial Statements
The company plans to release its audited financial statements for FY2024 on June 14, 2024. These statements will provide a detailed overview of the company’s financial performance over the past year.
Conclusion
Toyota Financial Services has demonstrated robust financial performance in FY2024. The significant increase in operating profit before tax reflects the company’s effective management and strategic growth initiatives. Investors and stakeholders await the release of the audited financial statements on June 14, 2024, for a comprehensive view of the company’s financial health.