Luxury carmaker Ferrari reported strong earnings on Tuesday with net profit rising to more than €1.5 million last year.
The Italian group said in a press release on its website that its net profit for 2024 came in at €1,526 million, while its operating profit came in at €1,888 million, up 16.7% versus the prior year.
“Quality of revenues over volumes: I believe this best explains our outstanding financial results in 2024, thanks to a strong product mix and a growing demand for personalisations,” a Ferrari press release said.
The company also said it expects further robust growth in 2025, that will allow it to reach one year in advance the high-end of most of its profitability targets for 2026.
“Last year’s results reflect a great teamwork that involved all our company’s souls. This teamwork was also visible in a very competitive racing season,” Benedetto Vigna, CEO of Ferrari, noted in the press update.
“The will to progress that has always characterised Ferrari has led to innovation in our infrastructure, with the inauguration of the e-building; in our products, best highlighted by the new supercar, the Ferrari F80; and in R&D, with the new E-Cells Lab that will further strengthen our electrochemical knowledge to prepare us for the future. And we will reveal more of our future on 9 October at our Capital Markets Day,” Vigna added.
Following the financial update, Ferrari’s share price was up 4.79% on Tuesday afternoon.
