Watch group Swatch increases sales and profit in 2023
Published: Tuesday, Jan 23rd 2024, 07:20
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The Swatch Group increased sales and earned more last year. The watchmaking group wants to continue to grow in the new year and is offering shareholders a higher dividend.
Sales rose by 5.2 percent to 7.89 billion Swiss francs in 2023, as Swatch announced on Tuesday. Adjusted for currency effects, sales even increased by 12.6 percent. Analysts had expected organic growth of this magnitude.
Swatch was also able to improve its results: The operating profit EBIT rose by 2.8 percent to 1.19 billion Swiss francs. This led to a margin of 15.1 percent, which was 0.3 points lower. At the bottom line, net profit increased by 8.1 percent to 890 million. Analysts had expected a higher figure of 972 million francs.
Swatch intends to pay shareholders a dividend of CHF 6.50 per share, according to the statement. Last year, the dividend was 6.00 francs per bearer share.
In its outlook, Swatch is confident about the further course of business. The growth opportunities for 2024 are great, particularly in the lower and mid-price segments. The development of the currency situation will continue to influence the Group's result due to its strong industrial base in Switzerland, according to the press release.
©Keystone/SDA
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