TOKYO— SoftBank Group Corp. smashed profit records in its home country, riding a series of blockbuster initial public offerings to full-year net income equivalent to nearly $46 billion.
The figure, the highest ever for any Japanese company, caps a wild year in which the technology investor rode roller-coaster stock markets from the lows at the beginning of the coronavirus pandemic to recent highs.
The numbers were driven largely by a gain of nearly $58 billion at the $100 billion Vision Fund and its successor. A series of companies in the fund’s portfolio have gone public, taking advantage of the rising stock market.
The Vision Fund’s biggest win was a $24 billion investment gain from its nearly 40% stake in South Korean e-commerce company Coupang Inc., which listed in March. SoftBank also logged gains from food-delivery company DoorDash Inc., which had a public offering in December, and the sale last year of a controlling stake in U.S. telecom company Sprint Corp.
SoftBank tripled the amount of capital it has pledged to its second Vision Fund, to $30 billion, showing little concern about shakiness in technology shares and the broader stock market in recent days.
