Luxurious automaker Porsche AG issued an formidable long-term outlook of greater than 20% of return on gross sales, after posting file 2022 earnings on Monday on the again of upper deliveries.

The carmaker mentioned its working revenue hiked by 27% to six.77 billion euros ($7.23 billion) final yr, when deliveries rose by 2.6% to 309,884 items.

The corporate is proposing a dividend of 1.00 euro per atypical share and 1.01 euros per most well-liked share. It issued ongoing progress steering on each the medium and long run:

“Ought to the economically difficult situations not additional intensify considerably, we count on a Group working return on gross sales for the 2023 monetary yr within the vary of 17 to 19 per cent,” mentioned Lutz Meschke, deputy chairman and member of the chief board for finance and IT.

The medium-term steering relies on gross sales income ranging between 40 to 42 billion euros.

Meschke added, “In the long term, we’re aiming for a Group working return on gross sales of greater than 20 per cent.”

Porsche represents a considerable portion of revenues for Volkswagen Group, and overtook Volkswagen as Europe’s most dear carmaker throughout its first week on the German inventory market after itemizing on Sep. 29 final yr. Volkswagen nonetheless owns 75% minus one atypical share of Porsche’s complete share capital.

Volkswagen is because of report earnings Tuesday.

Porsche shares have been down 2.2% in early commerce on Monday whereas Volkswagen slipped 2.5%, however the two firms stay up by round 10% and 14% respectively because the begin of 2023.