By Kim Richters 
 

Volkswagen AG on Friday said revenue and profit rose significantly in 2021 despite the semiconductors shortage, and it raised its dividend payout.

The German auto maker said aftertax profit came in at 15.43 billion euros ($16.96 billion), compared with EUR8.82 billion in 2020.

Operating profit for the period rose to EUR19.28 billion from EUR9.68 billion, while revenue increased to EUR250.20 billion from EUR222.88 billion.

Analysts had expected revenue of EUR246.53 billion, according to consensus estimates provided by FactSet.

Volkswagen proposed a dividend of EUR7.50 per ordinary share and EUR7.56 per preferred share for the year, up from previously EUR4.80 and EUR4.86 respectively.

The car maker managed to increase revenue and earnings thanks to favorable pricing and better sales mix despite the semiconductor shortage. The chip bottlenecks are expected to continue but improve in the second half of the year compared with the first six month, it said.

For 2022, Volkswagen expects revenue to be 8% to 13% higher than in the previous year and operating return on sales of between 7.0% to 8.5%.

"At the time of preparing this outlook, there is a risk that the latest developments in the war in Ukraine will have a negative impact on the Volkswagen Group's business," said Volkswagen.

The guidance is subject to further developments in the war and their impact on the company's supply chain and the global economy, it said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

March 11, 2022 13:17 ET (18:17 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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