Porsche sees 40% rise in profits in first 9 months, confirms outlook

PORSCHE reported a 40.6 per cent rise in operating profit to 5.05 billion euros (S$7.09 billion) on Friday (Oct 28) in its first results since the luxury carmaker was listed on the stock exchange, with a return on sales of 18.9 per cent.

The jump in profits came off the back of just a 15.7 per cent increase in revenue and 2 per cent increase in deliveries to just over 221,500 vehicles, showing higher profitability per car boosted by exchange rate effects, the statement said.

Porsche, which was listed in Frankfurt on Sep 29, stuck to its outlook for the full year of a 17-18 per cent return on sales with a mid-term target of 17-19 per cent and long-term target of 20 per cent.

“The third quarter of 2022 was quite volatile and challenging from a political, economic and social perspective. Nevertheless we were able to successfully list Porsche and get off to a flying start,” chief financial officer Lutz Meschke said. REUTERS