German luxury carmaker BMW AG (BMW.L,BAMXF.PK,BAMXY.PK) reported Wednesday that its fourth-quarter net profit dropped 3.6 percent to 2.18 billion euros from last year’s 2.26 billion euros.
Earnings per share, however, grew to 3.43 euros from last year’s 3.39 euros.
Profit before tax was 3.25 billion euros, up 12 percent from last year. Profit before financial result or EBIT was 3.50 billion euros, a growth of 40.7 percent.
Revenues grew 39.1 percent to 39.52 billion euros from 28.41 billion euros a year earlier.
Automotive deliveries grew 10.6 percent to 651,794 units, and Motorcycles deliveries increased 15.7 percent to 43,562 units.
Further, the Board of Management and Supervisory Board will propose a dividend of 8.50 euros per share of common stock, up from last year’s 5.80 euros, and 8.52 euros ?per share of preferred stock, up from last year’s 5.82 euros, to the Annual General Meeting on May 11.
Looking ahead, BMW Group said it expects profitable growth in 2023. The main growth drivers in 2023 will be fully-electric (BEV) vehicles and models from the high-end premium segment.
Group profit before tax for the year will decrease significantly. One of the main underlying reasons is the absence of prior year’s one-time gain of 7.7 billion euros in conjunction with the remeasurement of its previous equity interests in BMW Brilliance.
However, the company said it is striving for a high level of profitability in its core business and is targeting an EBIT margin of 8-10 percent in the Automotive Segment for the financial year.
Overall, BMW Group expects its deliveries to customers worldwide to increase slightly in the Automotive Segment in 2023.
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