BMW Increased Its Net Profit In 2022 By 1.5 Times

BMW Increased Its Net Profit In 2022 By 1.5 Times

BMW: The German automaker Bayerische Motoren Werke AG has achieved its 2022 targets by increasing pre-tax and net profit by 1.5 times.

The company intends to pay dividends for the year for 8.5 euros per ordinary share and 8.52 euros per preferred share, higher than last year, when payments amounted to 5.8 euros and 5.82 euros per share, respectively.

According to a press release from BMW, its pre-tax profit last year amounted to 23.51 billion euros, compared with 16.06 billion euros a year earlier. As a result, net profit rose to 18.58 billion euros from 12.46 billion euros.

BMW’s annual revenue increased by 28% to 142.61 billion euros.

The automaker explains the improvement in results by increasing product prices, a good product line, and the complete consolidation of the Chinese BMW Brilliance Automotive Ltd. In addition, BMW noted some easing in semiconductor stock shortages in the fourth quarter, which allowed it to increase production and sales.

BMW EV sales more than doubled in 2022 to 215,752 units. In general, sales of the company’s cars last year decreased by 4.8% – to 2 million 399.636 thousand units.

On Thursday, BMW also announced that its chief financial officer, Nicolas Peter, will resign from his post following the annual shareholder meeting on May 11.

The new CFO will be Walter Mertle, who has been with the company since 1998 and is currently head of BMW’s corporate control group.

BMW shares lost 1.7% in trading on Thursday. Over the past 12 months, their value has increased by almost 38%.