Announces buyback program of 3,000 million

MADRID, 15 Feb. (EUROPA PRESS) -

The Stellantis automotive group obtained net profits of 18,625 million euros in 2023, 11% more than the 16,779 million euros of the previous year, according to data presented by the company this Thursday.

Stellantis has indicated that the profits obtained in 2023 represent a new record for the company after that of 2022, as have net income and industrial free cash flows.

"These record financial results today are proof that we have become a new global leader in our sector and that we will remain rock solid heading into a turbulent 2024," explained the firm's CEO, Carlos Tavares.

Stellantis' net income stood at €189,544 million in 2023, 6% more than the €179,592 million recorded in 2022.

Likewise, the automobile manufacturer's operating profit stood at 22,376 million euros, 10% more than the 20,276 million euros obtained a year earlier.

On the other hand, Stellantis has proposed a dividend of 1.55 euros per ordinary share, which represents an increase of approximately 16% compared to the previous year, which is still pending shareholder approval.

In addition, the automotive group has announced that it will carry out a €3 billion open market share buyback program this year, which includes 500 million shares repurchased.

Stellantis management has flagged a number of factors that could create a "favorable environment" for revenue in 2024, including easing logistics and supply constraints, stabilization and possible reduction in interest rates, and benefits from the planned expansion of the company's product offering.

Additionally, the company has reiterated a "minimum" commitment to double-digit adjusted operating income margin in 2024, as well as positive industrial free cash flow, despite macroeconomic uncertainties.