The annual profit of Porsche in 2011 increased by 22%, aided by the persistent demand for the Cayenne sport-utility vehicle. Porsche sent a statement via e-mail, saying that earnings before interest and taxes increased to 2.05 billion euros ($2.69 billion) from 1.67 billion euros the previous year. Sales increased by 18% to 10.9 billion euros.
Porsche CEO Matthias Mueller said that Porsche considers 2011 to be the “most successful financial year” that it has ever had for sales as well as for revenue and operating profit. With Volkswagen’s support, Porsche seeks to deliver 200,000 vehicles by 2018 as it adds new models and expands in growing markets.
This is nearly double its 2010 sales. Last October, an insider said that this year, Porsche aims to raise sales to a record 140,000 cars. Porsche sold 116,978 units last year. Porsche may be able to protect itself from economic difficulties due to the demand for the 911 and Boxster’s overhauled variants. This model had recently been seen at the Geneva Auto Show.
Last year, Cayenne sales increased by 49% to 59,873 units last year. Meanwhile, the Panamera four-door coupe rose by 20% to 28,218 cars. Porsche’s shares increased by 17% this year, putting the value of the company at 14.8 billion euros. Porsche sold part of the carmaking business to Volkswagen in 2009.
This is part of their agreement to merge the two firms after the failure of Porsche’s takeover attempt. This planned combination, which was aimed for this year, has been held up by lawsuits located in the U.S. and Germany.
The Porsche holding company, which owns most of VW's common shares, will post annual results on March 15. The operating profit of Volkswagen rose 58% in 2011 to 11.3 billion euros based on the demand for VW and Audi sport-utility vehicles.