Japan sanitary ware firm TOTO earns 2022 profit of $19 mln in Vietnam

Sanitary ware firm TOTO earned an operating profit of VND454 billion ($19.2 million) in Vietnam for fiscal year 2022 (April 2022-March 2023), up 38% year-on-year.

According to the Japanese business’s report, the firm recorded net sales of VND4.87 trillion ($205.9 million) in the period, up 12.3% year-on-year. The operating margin reached 9%, up two percentage points.

TOTO attributed higher sales and profits in Vietnam to the recovery of domestic demand.

Regarding its global operations, TOTO made an operating profit of JPY49,121 million ($354.5 million) on net sales of JPY701,187 million ($5.06 billion) in fiscal year 2022, down 5.9% and up 8.7% year-on-year.

For the Asia-Oceania segment, the business noted Covid-19 restrictions are expected to be eased and the firm is working to enhance production in Vietnam and Thailand for export.

Last December, TOTO Vietnam completed the construction of a $100-million faucet factory in the northern province of Vinh Phuc. The 10-hectare plant in Thang Long Industrial Park can produce 600,000 hoses, valves, and accessories for restrooms and kitchens per year, and assemble 1.3 million products annually.

TOTO Vietnam has four other factories in Vietnam. The first and second were opened in Hanoi in 2004 and 2006, while the third and fourth made their debut in the northern province of Hung Yen in 2018 and July 2022.