My name is Kashitani, and I'm the President. Thank you very much for your continued support, and I would also like to thank you again for your continued support of our company. Today's event will be held as a hybrid of an in-person event and a live streaming event. For those of you participating in the live streaming session, please understand that I will be providing an explanation through the screen. Our profit attributable to owners of the parent company for the first half of the fiscal year ending March 31, 2024, was JPY 177.7 billion, a record high for the first half of our fiscal year. In addition, we have revised our shareholder return policy in order to enhance shareholder returns. I will explain this in conjunction with our financial results. I would now like to explain the details of the financial results. This is from our CFO, Iwamoto.
I'm Iwamoto, CFO. Thank you very much for your attendance today. I'll now explain the consolidated financial results for the second quarter of the fiscal year ending March 31, 2024, the revision of the full year earnings forecast, and the revision of the dividend return policy. Please refer to slide two or page two. As for exchange rates, as shown in the upper right corner, the yen depreciated by JPY 7 to JPY 141 per dollar and by JPY 14 to JPY 153 per euro. Revenue for the period was JPY 5,135.2 billion. Gross profit was JPY 520.5 billion. Operating profit was JPY 233.1 billion, and profit before income taxes was JPY 177.7 billion, an 18% increase over the same period last year. This is the third consecutive year of record profits. Next, let's move on to the waterfall chart on page three.
This chart is based on operating profit, which increased by JPY 25.2 billion. The impact of foreign exchange rate fluctuations was a plus of JPY 7.1 billion, while the impact of the Metals division's JPY -18.7 billion in terms of marketing prices resulted in a negative JPY 13.3 billion overall. The demand trading volume included negative numbers due to lower electricity prices and demand in Europe, which is related to the Machinery, Energy & Project Division. However, this was offset by a JPY 9.8 billion increase in demand, which was due to the impact of automobile production. Sales of automobiles increased by JPY 28.9 billion, JPY 19.5 billion in Africa, and JPY 9.4 billion outside of Africa. Page four is an analysis other than operating profit.
The first is a loss of JPY 3.1 billion for equity method investment, which is mainly due to the impact of the price decline of projects in Italy and Spain, in which Eurus Energy holds equity stakes. On the other hand, non-controlling interest increased by JPY 11.7 billion due to Toyota Tsusho's acquisition of Eurus Energy as a wholly owned subsidiary. On page five, there were no one-off gains and losses in the second quarter, so there is only a JPY -1.5 billion recorded in the first quarter. Page six shows profit analysis results by division. The Metals division is down JPY 8.7 billion year on year, mainly due to a drop in market prices of neodymium, PGM, and aluminum that benefited from higher market prices in the previous period. Global Parts & Logistics Division posted a profit of JPY 22.9 billion, an increase of JPY 6.6 billion.
The main factor is an increase in automotive parts handling, mainly in Japan and North America. The Mobility Division posted a profit of JPY 6.7 billion- JPY 29.8 billion. The main factor is an increase in overseas automotive sales, especially in Europe, such as the Caucasus and Adria region. The Machinery, Energy & Project Division, as explained earlier, posted a JPY -6.6 billion. The chemicals and electronics division was up JPY 3.6 billion, mainly due to strong sales of electronics, chemicals, and synthetic resins for the automotive industry. The Africa division increased by JPY 16.7 billion or 81% to JPY 37 billion. This is a very favorite figure. Again, the automotive business was very strong, especially in West Africa. Page seven shows their consolidated financial position. Total assets increased by JPY 650.6 billion -JPY 7,027.6 billion, the first time it exceeded JPY 7 trillion.
The inventory increased by JPY 72.1 billion to JPY 1,299.4 billion. Almost all of this was affected by the foreign exchange rate, and we think the amount of inventory was controlled considering the growth of sales. Net worth and net interest-bearing debt are shown in the table, and net DER decreased by 0.06 points to 0.62x . Regarding cash flow on page eight, operating cash flow was strong again in the second quarter, totaling JPY 203.2 billion in the first and second quarters, and about JPY 78.7 billion more compared with the same period last year. On the other hand, the investment cash flow includes the acquisition amount of SB Energy Corp., so the net cash flow is JPY 175.1 billion, and the gross cash flow is approximately JPY 200 billion. Therefore, free cash flow after dividend payment is slightly negative. On page nine, the details of cash flow.
The main investments include Terras Energy, which is the renamed company of SB Energy Corp. Also, we further invested in the automotive battery factory in the U.S. From page 10 onward, I'll give you a brief explanation by segment. This is a profit-based waterfall chart. The operating profit of the Metals division was minus JPY 11.7 billion, and as stated in the market section, it was minus JPY 18.7 billion, not only in the automotive sector, but also in lithium in Japan. Rare earth, such as neodymium in India. In China, the production-related operating profit was minus. Trading volume was positive due to an increase in production volume. The Global Parts & Logistics Division is doing very well. Although domestic demand in China is declining, imports and exports from China are conversely increasing, resulting in an overall increase in profits in all regions.
The increase of JPY 7.5 billion is the difference in operating profit from the same period of the previous year. In the Mobility Division, operating profit increased by JPY 9 billion year-on-year, and this increase was also seen in all the countries handled. Europe includes the Caucasus, Adria, and Central Asia. Page 13 shows the Machinery, Energy & Project Division, which shows a decrease of JPY 9.2 billion, mainly in renewable energy, which is the Eurus Energy business. Due to the major negative factor, the operating profit was reduced by JPY 6.7 billion.
Page 14 is about the chemicals and electronics division. Operating profit was almost the same level as the same period of the previous year, JPY +0.6 billion. As for automotive-related business, both chemicals and in-vehicle products were significantly favorable. Regarding chemicals, consumer products such as detergents and water-absorbing polymers were not good compared with the previous year.
On electronics, operating profit decreased by JPY 1.3 billion in total, mainly due to poor performance in display-related products such as LCDs and touch panels used for consumer products. The large loss was posted by the semiconductor business in Japan. There was a situation that required an allowance calculated as a loss. The operating profit of the food and consumer services division is on page 15. The profit of the overseas grain subsidiary, NovaAgri, a Brazilian company, was JPY 8.4 billion, which is a recovery from a very poor performance in the previous fiscal year. As for the company of Óleos Menu, profit gained in the previous year, benefiting from a significant price increase. But in this period, profit decreased by JPY 2.1 billion due to the price returning to the normal level.
As you can see in the Africa division, operating profit increased by JPY 23.6 billion, including JPY 9.9 billion in West Africa and JPY 4.7 billion in South Africa, and the amortization of intangible assets from the acquisition of CFAO ended in the previous year. It was produced JPY 3.7 billion in the current period. Including this, profit grew by JPY 19.5 billion in the automotive business. In the non-automotive business, healthcare is a very solid business, so it's steadily increasing. The consumer business, in which beer and retail are still in the process of development, was slightly negative. Revision of the full-year earnings forecast on fiscal year 2023 on page 17 shows the current fiscal year is progressing well, and that the yen's depreciation, which we reviewed in July, is still very weak.
Although a little conservative, we once again have reviewed the forecast based on JPY 140 to the dollar and JPY 150 to the euro. As a result, we have revised our forecast upward by JPY 20 billion to JPY 320 billion net profit after tax. The impact of the depreciation of the yen against the U.S. dollar and the yen against all currencies is unchanged at JPY 1.5 billion in net profit after tax. Page 18 shows the approach to revision of financial results. For machinery, energy, and project net profit after tax is JPY -4 billion. We have revised downward due to the fact that electricity prices in Europe remains lower than expected. Everything else is reviewed in the positive. On page 19, we have revised our previous statement regarding shareholders' returns.
The old basic policy was, quote, "We will endeavor to maintain a stable dividend and increase dividend per share with a consolidated dividend payout ratio of 25% or more." Unquote. We have changed our shareholders' return policy as follows. Quote, "In the period from fiscal year 2023 to fiscal year 2025, we will achieve a progressive dividend payout ratio of 30% or more. In addition, annual payment will be considered in the situation of cash flow." Unquote. We feel that we are making steady progress in terms of our earnings structure and our ability to generate cash. Our profits are backed by cash, and we would like to make a firm commitment to the distribution of cash, and we believe that we can make such a commitment. Thus, we made revisions this way.
The cash allocation for the three years on page 20 has not yet been revised due to the review of the medium-term business plan. As of the current medium-term business plan, the three-year cumulative operating cash flow is expected to be more than JPY 1.1 trillion, because we expect to reach more than JPY 400 billion this year as well. We have an investment cash flow of JPY 880 billion at the moment, and we would like to pay dividends as well.
In terms of the balance, in accordance with the review of the payout ratio, we would like to return at least JPY 270 billion to the shareholders as we accumulated JPY 50 billion since the last dividend payment. Page 21 is a specific dividend forecast for the current fiscal year. The interim dividend per share is JPY 125. The end-of-term dividend is also JPY 125 if the profit achieves JPY 320 billion.
The full-year dividend is JPY 250. The payout ratio is 27.5%. We hope to commit to the first step toward 30%. Page 22 shows the dividend transition, and since we have committed to the progressive dividend for the 14th fiscal year, we plan to increase dividends for the 16th consecutive fiscal year. We have finally managed to increase the dividend to JPY 250, so the amount will not mean much when we talk about a stock split. Anyway, we have increased the dividend from JPY 16 - JPY 250. That is all for me. Thank you very much. Next, our President and CEO, Kashitani, will explain the progress of the medium-term business plan for the fiscal year ending March 31, 2026.
I will now explain the progress of the medium-term business plan for the fiscal year ending March 31, 2026.
First of all, this chart is a conceptual diagram of our management and growth strategies as presented in our medium-term business plan announced on May 1 of this year. We are working on our mainstay business, which will serve as the foundation for growth and seven priority areas that will spread out from the mainstay businesses. We aim to "Be the Right ONE" by achieving significant growth over the medium and long term, while applying the strengths we have cultivated over the years to solving social issues. Our growth strategy and priority areas are closely linked to materiality, the key issue of sustainability. Those that address both resolving social issues and corporate growth have a strong affinity with our business and strategies, while those that serve as the foundation for corporate growth will help us refine the company itself.
During the period of our medium-term business plan through the fiscal year ending March 31, 2026, we will continue to pursue initiatives in line with the materiality. Here, I would like to explain four of our priority areas that are linked to our materiality and in which we have made concrete progress in the first half of this fiscal year. First, in the renewable energy and energy management field, our mission is to contribute to the realization of social infrastructure that supports a sustainable global environment. With Eurus Energy Holdings, we are one of the largest wind power generation corporate entities in Japan. With the acquisition of Terras Energy in April 2023, we also became one of the largest solar power producers in Japan. The photo on the left center of the slide shows Terras Energy's Arao Solar Park in Kumamoto Prefecture.
In addition to expanding its power supply menu with solar power, we are working to strengthen its power supply and demand adjustment function centered on VPP function, which is Terras Energy's strength. As shown on the right side of the slide, in June this year, we invested in and started construction of an entity in Saudi Arabia that will construct, own, and operate a solar power plant with a capacity of 119 MW and sell electricity. Toyota Tsusho Group currently has 4.53 GW of power generation capacity worldwide, and we have set a goal of increasing this to 10 GW by the fiscal year ending March 31, 2030. As described on the previous page, we are increasing our total generation capacity and refining our competitive advantage by expanding our capabilities.
Specifically, in April of this year, Eurus took the lead in launching a JPY 230 billion wind power generation project in the northern Hokkaido region. This project in the northern Hokkaido region is an attempt to enhance our competitive advantage by adding power storage and transmission businesses to our existing strengths in the power generation business. By combining the unstable power generated by wind power with the recharge and discharge of the battery storage system shown in the photo below, we are able to supply renewable energy without placing a burden on the power grid. We will continue our efforts to provide a stable power supply for the mass introduction of wind power generation and contribute to the economic and industrial development of the surrounding areas.
Moving on to battery, we are contributing to carbon neutrality by solving issues in the battery field, which is the key to electrification, and have positioned the battery-related business as a priority field. We have invested and participated in Toyota Battery Manufacturing North Carolina, or TBMNC, in the belief we can create a wide range of added value by utilizing the know-how we have cultivated in the automobile manufacturing business. In addition to supporting the startup and operation of the lithium-ion battery plant, we will also consider establishing a supply chain for battery components that support battery production and supporting the recycling business by leveraging our knowledge and expertise.
We will not only provide a stable supply of lithium, the raw material for batteries, but also support the production of batteries for the popularization of electric vehicles by viewing every aspect of the battery value chain, including rebuilding and recycling, as a business opportunity. In the African business field, we will contribute to solving problems and contributing to economic development in Africa under the vision of "WITH AFRICA FOR AFRICA". In the mobility field on the left side of the slide, we will strengthen our leadership in automobile distribution throughout Africa. As shown in the graph on the lower left, thanks to efforts including sales expansion of Suzuki vehicles that appropriately met the needs of the growing middle class, the unit sales greatly increased. We are on track to achieve our sales target of 300,000 units in fiscal year 2025, exceeding last year's sales.
In the consumer field on the right, we are developing our supermarket business according to the needs and size of our customers. As shown on the lower right, we plan to expand from 5 stores in 2018 to 30 stores by November of this year. We also aim to be a market leader in Africa in the healthcare, power, infrastructure, and technology fields, contributing to solving problems and economic development in Africa. I will explain our initiatives in the area of human capital, which supports the entire company. As an example of our commitment to human capital management, on October 31, 2022, we became the second company in Asia and the seventh in the world to obtain ISO 30414 certification, the international guideline for human capital disclosure. The status of this certification is published in our human capital report, which we hope you will refer to.
In addition, we are promoting the glocalization of human resources by hiring and training local employees in each region of the world where we do business and appointing talented people, regardless of nationality, to global posts that have a significant impact on consolidated management. We currently have 98 such global posts overseas, of which 69 posts, more than two-thirds of which we have determined are open to local employees. Of these, 55 positions are held by those who could be successors to leaders in each region. In order to further promote glocalization, the Global Advanced Leadership Program was launched in 2013. 173 employees have participated in the program so far, and about half of them are local employees, thus steadily developing successors to global posts. As the second aspect of human capital management, I would like to explain how we maximize team power by leveraging diversity.
In order to sustainably increase the value of human capital, it is essential to have an environment and cultural climate, as well as a system that makes the most of each individual. As the members of our offices become more diverse and the ways in which they work diversify, we are working to change and evolve in order to maximize team power in a way that is unique to Toyota Tsusho. As shown in the photo below left, we have reformed our offices by introducing a free address system. On Wednesdays, we have introduced Nomad Day, a day where employees can freely choose a floor and seat to work. People by nature like to move freely, and we hope to further involve our team power through the chemistry of open and creative nomads who make their workplaces wherever they are.
So far, I have explained our growth strategy, the human resource development that supports this strategy, and our initiatives for diverse work styles. I would now like to explain our efforts to pass on and evolve Toyotsu DNA, the values that are most fundamental to these initiatives and that transcend regional and generational boundaries. Looking back at the history of our company, we have expanded our scale by changing stages about every 10 years since the 2000s. 22 years from 2001 to 2023, our market capitalization has grown nearly 17 times, net profit has grown 35 times, and the number of employees has increased sevenfold to over 67,000. With the acceleration of globalization and the diversification of human resources, it is increasingly necessary for employees of various races and generations to make quick decisions based on our company's unique values.
On October 1st, we launched the Toyotsu DNA Evolution Project to help our 67,000 employees reexamine the values, principles of action, and bases for decision-making that they must share in order to realize our basic philosophy and achieve our vision. By reconstructing the Toyotsu Group Way and distinctive traits of Toyotsu Group that have long cherished, and by solidifying our footing once again, we will be better able to execute our strategies and achieve our global vision. In the project, discussions are being held with a diverse group of members, taking diversity into consideration in order to clarify Toyota Tsusho's identity and values. The mid-career members, who are the link between the current management generation and the next younger generation, will pass on and involve the Toyotsu DNA through content and tools that are easy to understand and convey to all generations, as well as to the global community.
The results of this project will be announced next July. Please look forward to the continued evolution of Toyotsu DNA. Toyota Tsusho will continue to pursue its global vision of "Be the Right ONE". For more information on our initiatives that I could not fully introduce today, please refer to our integrated report 2023, published at the end of August, our brochure and our website. Thank you very much.