Porsche sees a 40% increase in operating profit over the past nine months By Stocksak

© Stocksak. FILEPHOTO The Porsche logo was seen in Berlin, Germany on July 28, 2017. REUTERS/Axel Schmidt/File photo GLOBAL BRIEF WEEK AAHEAD

BERLIN (Stocksak). Porsche reported a 40.6% increase in operating profit to more that 5 billion euros ($4.99billion), on top of a 15.7% increase in revenue in its first results since it listed on the stock exchange in September.

The company reported a 18.9% return on sales. It also confirmed its full-year guidance of a 17-18% return with a mid-term goal of 17-19%, and a long-term goal of 20%.

Deliveries increased by 2% to just over 221,500 vehicles. Exchange rate effects helped to boost profitability per vehicle.

“The third quarter in 2022 was very volatile and challenging from a social, political, and economic standpoint. Lutz Meschke, finance chief said that Porsche was still successfully listed and that the company is now off to a flying start.

After the listing, Porsche became the most valuable carmaker in Europe and a major money maker for the Volkswagen (ETR) group. Its shares were worth 99 euros at Thursday’s close, an increase of 82.50 euro from the listing price.

Oliver Blume, chief executive officer of both companies, stated that the listing would allow Porsche to be more independent as a company and provide Volkswagen with much-needed funding for its electrification drive.

The cost of listing in Russia and the impact of suspending Russian business have impacted Volkswagen’s third quarter earnings by 1.6 billion euro, according to Friday’s results.

($1 = 1.0030 euros)

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