The profits of Toyota in Africa have hit a record 89.8% increase, translating to about KSh10.3 billion, for the period ended in December 2019, up from KSh5.4 billion in 2018. The company attributes the rise in profits to the increased car sales.
As Business Daily reports, the sales recorded a total of KSh566 billion, signifying a 38.4% growth from the KSh408.7 billion recorded in 2018.
Another factor that might have contributed to the profit growth is the fact that in November 2019, the automaker acquired shares in Unitrans Motor Holdings Proprietary Limited, a leading automobile dealer in South Africa.
Toyota Motor Corporation is a Japanese multinational automotive manufacturer headquartered in Toyota, Aichi, Japan. As of December 2019, it was the tenth-largest company in the world by revenue.
It is the second largest automobile manufacturer in the world, behind Volkswagen, based on 2018 unit sales. It has other ventures on the continent including in areas such as logistics, agriculture, power generation and technology, while operating in 53 African countries.
Its subsidiary, Toyota Kenya, is ranked second in market share in Kenya, after Isuzu East Africa.