Renault Group Posts FY Profit; Proposes Higher Dividend
(RTTNews) - French auto major Renault Group (RNSDY.PK, RNSDF.PK, RNT.L) reported that its fiscal year 2023 net income, group share, was 2.20 billion euros compared to a loss of 354 million in 2022. In 2022, net income from discontinued operations amounted to negative 2.32 billion euros due to the non-cash adjustment related to the disposals of the Russian industrial activities.
Annual group revenue was 52.38 billion euros, up 13.1% from the prior year. At constant exchange rates, it increased by 17.9%.
The proposed dividend for the financial year 2023 is 1.85 euros per share, up 1.60 euros per share versus last year. It would be paid fully in cash and will be submitted for approval at the Annual General Meeting on May 16, 2024. The ex-dividend date is scheduled on May 22, 2024 and the payment date on May 24, 2024.
Worldwide Group's sales rose 9% year-over-year to about 2.24 million units. In Europe, sales were up 18.6% in a market up 13.9%.
In 2024, European and Latin America automotive markets are expected to be stable, and Eurasia is expected to decline by 11%.
Looking ahead for 2024, Renault Group projects a group operating margin to be greater than or equal to 7.5%, and a free cash flow to be greater than or equal to 2.5 billion euros.
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