Once again Stellantis is breaking profitability records.
The group born in January 2021 from the merger of PSA and Fiat Chrysler has become a subscriber with double-digit margins, a score usually reserved for premium automobile brands.
Stellantis has just revealed extraordinary performances for the year 2023, with a net profit of 18.6 billion euros, up 11%, for a net turnover of 189.5 billion euros, in increase of 6% compared to 2022. Its current operating profit reached 24.3 billion euros and as promised, the operating margin is in double digits, at 12.8% of turnover.
Stellantis generated industrial free cash flow of 12.9 billion euros, up 19% compared to 2022.
Just before the merger, PSA posted a record operating margin of 7.1% in 2020, a year marked by the pandemic.
That year, FCA's health was even less flamboyant.
When celebrating their union in January 2021, the management of the new group aimed for a margin of between 5.5% and 7.5% for the first financial year.
It finally reached 11.8%, for a turnover of 152 billion euros and a net profit of 13 billion euros!
Records will be broken again in 2022, with 179.6 billion euros in turnover, 13% operating margin and 16.8 billion in net profit.
Carlos Tavares' strategic plan sets the bar very high for the group he manages with an iron fist.
Stellantis must double its revenue by 2030 and maintain double-digit margins throughout the decade.
Stellantis announced that 6.6 billion euros will be redistributed to shareholders in the form of dividends and share buybacks, an increase of 53% compared to the 4.3 billion euros returned during the previous financial year .
The proposed dividend is €1.55 per ordinary share, representing an increase of approximately 16% on the previous year, subject to shareholder approval.
In addition, the group will launch a share buyback program of 3 billion euros for 2024.
“As we have just celebrated the third anniversary of the creation of Stellantis, I would like to warmly thank our teams who are implementing our strategy at a remarkable level and who are contributing significantly to our growth, despite the strongest headwinds
, said Carlos Tavares
.
The record financial results announced today prove that we have become a new world leader in our sector and that we will be able to remain rock solid in the face of a year 2024 which promises to be eventful.
With the flexibility of our technology and product plan, we are prepared to face any scenarios that may arise and deliver on the commitments of our Dare Forward 2030 plan.”