Toyota Sales Lift R.T. Briscoe Revenue to N24.6bn

Toyota Sales Lift R.T. Briscoe Revenue to N24.6 Billion as R.T. Briscoe (Nigeria) Plc reported a 51 per cent increase in revenue to N24.60 billion for the first half of 2026, driven by strong Toyota vehicle sales that also helped lift profit after tax by 141 per cent to N800.9 million despite higher financing costs.

The company reported revenue of N24.60 billion for the six months ended 30 June 2026, representing a 51 per cent increase from N16.32 billion recorded in the corresponding period of 2025. Gross profit rose 66 per cent to N5.51 billion, while profit after tax climbed 141 per cent to N800.9 million.

Motor vehicle sales remained the company’s largest revenue source, generating N21.35 billion, or nearly 87 per cent of total turnover during the period. Revenue from after-sales services and parts also increased to N2.20 billion from N2.00 billion a year earlier, reflecting continued demand for maintenance services.

The performance reinforces the dominance of R.T. Briscoe’s automotive business, which distributes Toyota vehicles in Nigeria.

While vehicle sales strengthened, the industrial equipment segment recorded lower revenue of N642.1 million, compared with N819.2 million in the first half of 2025. Revenue from property development and facility management also declined to N408.8 million from N686.8 million, indicating that growth was largely concentrated in the company’s core automotive operations.

The company’s operating profit increased 48 per cent to N1.91 billion, while profit before tax more than doubled to N840.6 million from N414.0 million in the corresponding period of 2025.

Earnings per share also rose to 68.08 kobo, up from 28.26 kobo in the same period last year, reflecting stronger returns to shareholders.

Despite the strong earnings performance, R.T. Briscoe continued to face pressure from financing costs.

Finance costs rose to N1.07 billion, driven largely by interest expenses on loans, overdrafts and Local Purchase Order (LPO) financing facilities. The company ended the period with N14.62 billion in bank overdrafts, although borrowings declined 26 per cent to N3.96 billion from N5.37 billion at the end of 2025.

Cash and cash equivalents stood at N334.8 million at the end of June, compared with N1.86 billion six months earlier, while net cash generated from operating activities improved to N816.4 million, reversing the cash outflow recorded in the corresponding period of 2025.