“We are the new world leader in this sector”

Automobile group Stellantis received a net profit of 18.625 million euros in 2023, an increase of 11% than 16.779 million euros in the previous year, according to data presented by the company this Thursday.

Stellantis indicated that the profit generated in 2023 represents a new record for the company after 2022, as does Industrial net income and free cash flow.

“These record financial results today are proof that we have become the new world leader in our sector and that we will continue to be solid as a rock ahead of the turbulent 2024,” explained the firm’s CEO Carlos Tavares.

Stellantis’ net profit in 2023 was €189,544 million, up 6% from the €179,592 million recorded in 2022.

At the same time, the automaker’s operating profit amounted to 22.376 million euros, which is 10% more than 20.276 million euros received a year earlier.

Raise dividends by 16%

On the other hand, Stellantis has proposed a dividend of €1.55 per ordinary share, representing an increase of 16%.

roughly up from the previous year, which is still awaiting shareholder approval.

Additionally, the automotive group announced that will implement a €3 billion open market share repurchase program this yearincluding 500 million shares repurchased.

Forecasts for 2024

Stellantis management noted a number of factors that could create an “enabling environment” for earnings in 2024, such as: reduction of logistics and supply constraints, stabilization and possible reduction of interest rates and the benefits of the company’s planned product expansion.

In addition, the company reaffirmed its “minimum” commitment to delivering double-digit adjusted operating profit in 2024 as well as positive industrial free cash flow despite macroeconomic uncertainty.