By David Hutzler l Tuesday, March 14, 2023
STUTTGART – Despite delivery problems, the German luxury sports and off-road vehicle manufacturer Porsche posted on Monday record gains last year, with earnings of €6.8 billion ($7.3 billion) before interest and taxes – a 27.4% increase over 2021.
The Volkswagen subsidiary, based in Stuttgart, increased its turnover by 13.6% to €37.6 billion in the year of its initial public offering (IPO). The figures are the first results since the company offered shares to the public in September.
“We have achieved by far the strongest result in the history of Porsche under difficult conditions,” said Porsche and VW boss Oliver Blume. Sales rose by 2.6% to 309,884 cars, as previously announced.
Porsche is also optimistic about the current year. In terms of turnover, the company is aiming for between €40 billion and €42 billion. And in terms of the operating return on sales, or the share of profit from ongoing business in sales, Porsche continues to head towards its declared target of 20%. In 2022, the figure had risen from 16% to 18%.
The VW Group had floated Porsche on the stock exchange in September and raised a gross €9.1 billion through the listing of a quarter of the Porsche AG preference shares.
In addition, 25% plus one share of the voting common stock of Porsche AG went to the VW umbrella company Porsche SE, which is controlled by the owner families Porsche and Piëch.
In December, Porsche was promoted to the leading index DAX, where it replaced the sporting goods manufacturer Puma.