Porsche shows strong start in Q1 2023

Porsche AG has enjoyed a strong start for 2023 as both sales revenue and operating profit went up by more than a quarter in the first three months of 2023.

In a statement, the firm shared that its sales revenue grew by 25.5 percent in the initial quarter of the year to €10.10 billion euros (more than P616 billion) in comparison to the €8.04 billion reached in 2022 (around P490 billion).

Meanwhile, the Group’s operating profit increased to €1.84 billion euros (nearly P112.3 billion), reflecting a 25.4-percent growth from 1.47 billion euros.

Additionally, Porsche said that its operating return on sales was on par with the figure for the same period last year. For the initial quarter of the year, automotive net cash flow was 1.43 billion euros (almost P87.24 billion) compared to the previous year’s €778 million (P47.5 billion).

The company also shared that net cash flow margin for the automotive segment rose to 15.3 percent versus last year’s 10.6 percent. Per Porsche, the net cash flow for the previous year was affected by serious disruptions in the supply chain, among other issues.

“Markets around the world remain volatile – so we’re all the more satisfied with our figures. The significant growth is due to a number of factors: higher Group sales, continued positive pricing and mix effects. We keep driving our strategy of modern luxury forward, in the interest of our customers,” Porsche AG Deputy Chairman of the Executive Board and Board Member for Finance and IT Lutz Meschke was quoted as saying.

Further, Porsche is reaffirming its €40-€42 billion sales revenue target for the full year of 2023.

“In the event that global challenges do not significantly worsen, we expect a Group operating return on sales for fiscal year 2023 in the range of 17-19 percent,” Meschke explained. “In the long run, we are aiming for a Group operating return on sales of more than 20 per cent.”

For his part, Porsche AG Chairman of the Executive Board Oliver Blume, of Porsche AG said that the group — which is celebrating its 75th anniversary this year — “is stronger positioned than ever before.”

“Our products are highly sought-after by customers around the world. Our business model is flexible and robust – even in a challenging market environment. This can be credited to the entire Porsche team,” the executive added.

Earlier, the sports car manufacturer reported that it had already rolled out 80,767 vehicles in the first quarter of the year — enjoying an 18-percent year-on-year increase against the 68,426 examples delivered to buyers in the same period in 2022.

Photos from Porsche

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