Toshiba Records Profit Surge in Q1 2024

Toshiba Records Profit Surge in Q1 2024

Toshiba disclosed its financial performance for the first quarter of fiscal year 2024, displaying overall growth and significant surge in corporate profit.

In the first quarter, despite ongoing global uncertainty in geopolitics and finance, world economy managed to pick up steadily. Consequently, Toshiba outperformed previous year in metrics including net sales, operating profit, ordinary profit and profit attributable to owners of parent. Net sales resulted in JPY ￥140.17 billion (USD $953 million), up by 15% compared with previous year, and operating profit amounted to JPY ￥4.28 billion (USD $29.1 million), increased drastically by 232%, thanks to the soar in the profitability of MFPs.

Amid a challenging environment caused by work style transformation and digitization, the workplace solutions business group is focusing more on the profitability of their core businesses in response. Eventually, sales of MFPs and inkjet heads increased as a result of recovery from the product supply disruptions and favorable foreign exchange rate. The final net sales and operating profit was respectively JPY ￥62.88 billion (USD $427.5 million) and JPY ￥4.37 billion (USD $29.7 million), up by 15% and 107% each year-on-year.

For the following year, Toshiba will continue to stick to its FY24-26 Mid-term Business Plan strive to become a “global top solutions partner” and “a company that contributes to society”. To achieve these targets, Toshiba is implementing business transformation at the current stage, including transferring its MFP manufacturing business to ETRIA, the joint venture with Ricoh, and its inkjet head business to Riso Technologies, a wholly-owned subsidiary of Riso, which both came effective from July 1. Affected by these factors, net sales target is raised to JPY ￥565 billion (USD $3.84 billion) compared to previous forecast announced on May 10.

Related:

• Ricoh & Toshiba Co-found ETRIA
• Toshiba to Streamline Personnel Structure
• Toshiba Tec Announces Financial Performance for 2023

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