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By Moses Akaigwe
Nissan Motor Co., Ltd. has announced financial results for the third quarter and nine months ended December 31, 2023.
April-December financial highlights:
For the first nine months of the fiscal year, consolidated net revenue was 9.171 trillion yen, consolidated operating profit was 478.4 billion yen, and the operating profit margin was 5.2 percent. Net income for the nine months was 325.4 billion yen.
Performance for the period improved year-over-year and the company remains on course for full-year profitable growth, reflecting steady progress achieved during the Nissan NEXT business transformation plan. The increase in revenues and operating profit was driven primarily by improved unit sales and optimized pricing in our key regions.
The following table summarizes Nissan’s financial results for the first nine months of fiscal 2023, calculated under the equity accounting method for Nissan’s China joint venture.
On a management pro forma basis, which includes the proportionate consolidation of results from Nissan’s joint venture operation in China, operating profit was 487.1 billion yen, equivalent to an operating margin of 5.0 pervent.
Third-quarter financial highlights
For the three-month period to December 31 2023, consolidated net revenue was 3.108 trillion yen, consolidated operating profit was 141.6 billion yen, representing an operating profit margin was 4.6 pervent.
Nissan has adjusted its forecast for full-year sales volume from 3.7 million to 3.55 million units due to temporary logistics disruption and intensifying competition. However, the company is maintaining an unchanged outlook for its financial performance, reflecting the impact on revenues and profit from updated foreign exchange assumptions.
The Nissan brand is represented in the Nigerian market by Stallion NMN Ltd, a division of Stallion Motors which assembles some of the vehicles at a plant in Lagos.
