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BMW reports record profit

Published:Thursday | March 10, 2016 | 11:02 PM

BMW reports

record profit

German luxury carmaker BMW AG has reported a record profit of €6 billion (US$6.6 billion) for last year, a 10 per cent increase, as sales grew in all major regions.

The Munich-based company, celebrating its 100th birthday this week, said Wednesday that profits were boosted by stronger sales of its X5 and X6 sport-utility vehicles. It also widened its appeal by introducing the 2-Series Gran Tourer, a family-style van.

Consumers worldwide bought 6.1 per cent more of the vehicles with the distinctive kidney-shaped grille, bringing sales to 2.24 million units. Revenues rose 14.6 per cent to €92.17 billion.

The company is raising its dividend to 3.20 euros per share from 2.90 euros from the year before.

CEO Harald Krueger said it was "another set of impressive figures" and that the company "met all of our ambitious targets."

Sales in Europe rose 9.4 per cent in Europe and 2.2 per cent in the United States. The company saw a slowdown in China, which it terms a "normalisation" of the market after years of rapid growth. Sales there rose 1.6 per cent.