POST TIME: 17 February, 2018 00:00 00 AM
Renault races to record profits and sales

Renault races to record profits and sales

AFP, PARIS: French auto giant Renault said yesterday that it enjoyed a record year in 2017, with sales and net profit rising to new heights.

Net profit soared 50 per cent to a record 5.1 billion euros ($6.4 billion).

Sales at the group, which includes the low-cost Dacia brand, rose by 14.7 per cent to 58.8 billion euros, benefitting from the integration from the Russian brand Lada into its accounts.

“2017 was another record year for Groupe Renault..,” chief executive Carlos Ghosn said in a company statement.

“The commercial and financial results are the outcome of our strategy deployed over the past years and the efforts of all the group’s employees”.

Sales by volume rose by 8.5 per cent to 3.76 million vehicles.

For 2018 the company is targeting maintaining its operating margin of more than 6 per cent of revenue and increasing sales.

On Thursday, the company’s board backed giving Ghosn a new four-year term as chief executive.