Renault posts record profitability in 2024
Net profit sank to 800 million euros due to a 1.5-billion-euro loss it booked on the sale of Nissan shares
RENAULT confirmed on Thursday (Feb 20) it defied headwinds in the car industry by boosting revenue and attaining record profitability in 2024 thanks to the success of its new line up of vehicles, although net profit sank as it scaled back its partnership with Nissan.
The group, which also includes the budget Dacia brand and sports car Alpine, saw revenues rising by 7.4 per cent to hit 56.2 billion euros (S$78.4 billion), with its operating profit margin coming in at a record 7.6 per cent.
However net profit sank to 800 million euros due to a 1.5-billion-euro loss it booked on the sale of Nissan shares.
Without the sale of Nissan shares, profit would have come in at 2.8 billion euros, a 21 per cent increase on 2023.
“This excellent performance is the result of our product offensive and cost cutting,” chief financial officer Thierry Pieton told journalists.
“Renault Group has never been so strong and benefited from such solid fundamentals,” he added.
Chief executive Luca de Meo praised the “in-depth transformation of the company”.
The board proposed a dividend payment of 2.20 euros per share, an increase of 19 per cent from last year. AFP
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