FILE PHOTO: The logo of German carmaker Porsche AG is seen before the company’s annual news conference in Stuttgart, Germany, March 17, 2017. REUTERS/Lukas Barth
WOLFSBURG, Germany (Reuters) – Porsche AG reported record earnings in 2022, with profits up by over a quarter to 6.8 billion euros ($7.29 billion) on a rise in deliveries of 2.6%.
The company, historically a huge money spinner for the Volkswagen (ETR:VOWG_p) Group, is targeting a rise in revenue to 40-42 billion euros this year from 37.6 billion in 2022, and a margin of 17-19%. Long-term, its goal is a 20% margin, the statement said.
Porsche, which overtook Volkswagen as Europe’s most valuable carmaker within a week of its stock market debut, will pay a dividend of 1 euro per ordinary share and 1.01 euros per preferred share for 2022, it said on Monday.
The medium-term target is to distribute roughly half of after-tax profit in dividends, Chief Financial Officer Lutz Meschke said.
The brand listed on the stock market on Sept. 29 last year, but 75% minus one ordinary share of its total share capital is still owned by Volkswagen AG (OTC:VWAGY).
Porsche shares have risen steadily since opening at 82.50 last September and closed at 114.10 euros on Friday, yielding a market capitalisation of 108 billion euros.
Oliver Blume, chief executive of both companies, said at the time the listing would increase Porsche’s freedom as a business while providing Volkswagen with much-needed funds for its electrification drive.
($1 = 0.9333 euros)