TMP, part of the Ty family conglomerate GT Capital Holdings, recorded sales of P106.4 billion during the first half of the year, an increase of 4.5 percent of wholesale volume and 11.5 percent for retail, outpacing the industry’s 9.9 percent.
This also contributed to TMP increasing its industry-leading market share from 45.2 percent to 45.9 percent.
Management’s view
“We look forward to more positive developments in the remaining months of the year, as the automotive market continues to expand, particularly with the growing acceptance of electrified vehicles,” TMP president Masando Hashimoto said in a statement.
“Furthermore, TMP’s line-up of hybrid electric vehicles directly benefits from recent tariff related measures approved by the government over the past few months. These initiatives, along with the resilient economic landscape and the steady rise of middle income households in the country, are seen to support TMP’s performance for the rest of the year,” he added.
Sales surged thanks to popular models like the Vios and Wigo, along with new releases like the Zenix, Yaris Cross, and Lexus RX.
Margins under pressure
Despite strong sales, TMP’s gross profit margin dipped to 14.1 percent due to peso depreciation and supply issues, with operating profit margin also falling to 8.8 percent.
Net income dropped by 6.1 percent to P7.5 billion, mainly due to last year’s one-time government incentives and unfavorable exchange rates.
As of June 30, 2024, TMP owns six dealerships, including Toyota Makati and Lexus Manila in Taguig.
