PARIS: French automaker Renault reported a 3.6% increase in operating profit for 2024 on Thursday, beating expectations, as lower costs and a string of new launches boosted margins.
The company, one of the few in the sector to have maintained its targets last year, reported operating profit of 4.3 billion euros ($4.49 billion), compared to a company-compiled consensus forecast of 4.2 billion euros.
Its revenue rose 7.4% to 56.2 billion euros, well ahead of the expected 54.5 billion euros, driven by launches including the popular compact electric R5 and a range of new hybrids.
It reported an operating margin for 2024 of 7.6%, compared to its target of at least 7.5%.
Renault 2024 sales volumes grow 1.3%, helped by hybrids
However, its net income on a group share basis fell to 752 million euros from 2.2 billion euros a year earlier after accounting for disposal of shares in Japanese automaker Nissan and a partial impairment on its investment in the firm.
Renault said it would pay a dividend of 2.2 euros, compared to 1.85 euros for 2023.
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