Japanese technology investor Softbank Group Corp. reported Wednesday that profits for the fiscal year through March zoomed by nearly five-fold from the previous year as its AI investments paid off.

The Tokyo-based company recorded an annual profit of 5 trillion yen ($32 billion), far greater than the 1.15 trillion yen profit racked up the previous year.

Sales climbed nearly 8% on-year to nearly 7.8 trillion yen ($50 billion) from 7.2 trillion yen, the company said in a statement.

Among its most lucrative investments was OpenAI, in which Softbank has invested $34.6 billion, recording gains of $45 billion.

SoftBank also invests in U.S. AI company Nvidia, German mobile and internet provider Deutsche Telekom and British semiconductor manufacturer Arm.…