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 percent.
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 17-19 percent margin. Long-term, its goal is a 20 percent 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 the after-tax profit in dividends, Chief Financial Officer Lutz Meschke said.
The brand was listed on the stock market on Sept. 29 last year, but 75 percent 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 the listing would increase Porsche's freedom as a business while providing Volkswagen with much-needed funds for its electrification drive.
Also Read: Hyundai Motors signs term sheet for potential acquisition of General Motors' Talegaon plant assets
(Edited by : Vivek Dubey)
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