Bridgestone Full-year Net Falls, But Revenue Rises; Expects Higher Earnings In FY23

Bridgestone Corporation (BRDCF.PK,BRDCY.PK), a Japanese tire maker, on Thursday posted a decline in earnings for the fiscal 2022, amidst higher income tax expenses, sales costs, and other expenses.

However, the company recorded a rise in revenue, supported by a strong demand.

For the 12-month period to December 31, 2022, the Tokyo-headquartered firm posted a net profit of 305.865 billion yen or 431.70 yen per share, compared with 400.528 billion yen or 558.71 yen per share of last year.

Pre-tax earnings were at 423.458 billion yen, higher than last year’s 377.594 billion yen.

Income tax expenses stood at 112.452 billion yen as against 63.234 billion yen of previous year.

Operating profit rose to 441.298 billion yen from 376.799 billion of 2021.

Cost of sales moved up to 2.516 trillion yen from 1.929 trillion yen of last year.

Selling, general and administrative expenses were at 1.158 trillion yen, compared with 928.620 billion yen. Finance costs surged to 41.898 billion yen from 16.219 billion yen of 2021.

For 2022, the year-end cash dividend will be revised up to 90 yen per share, an increase of 5 yen per share from the previous forecast.
Combining this with the interim cash dividend of 85 yen per share, the company intends to pay an annual cash dividend of 175 yen per share.

For 2022, Bridgestone generated revenue of 4.110 trillion yen, higher than last year’s 3.246 trillion yen.

Looking ahead, for 2023, the tire maker expects to register profit attributable to owners of parent of 335.0 billion yen or 489.52 yen per basic share, on revenue of 4.150 trillion yen.

For 2023, the firm expects to pay a dividend of 200 yen per share.

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