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Abstract: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%.
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 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 Europes 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.
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 Porsches freedom as a business while providing Volkswagen with much-needed funds for its electrification drive.
($1 = 0.9333 euros)
(Reporting by Victoria Waldersee, Jan Schwartz; Editing by Paul Carrel)
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