Volvo Cars has reported its highest ever quarterly operating profit of SEK4.2 billion (about RM1.9 billion) for the second quarter of 2018. This is an 28.6% increase compared to the same period last year, and it is largely due to higher global retail sales.

According to the Swedish carmaker, retail sales in Q2 2018 saw a 14.6% hike to 170,232 cars, contributing to a 26.9% rise in revenue to SEK66 billion (about RM30 billion). Operating profit margin for the period also rose slightly to 6.4% from 6.3% during the same period last year.

Across a wider timeline, Volvo recorded an operating profit of SEK7.8 billion (about RM3.6 billion) for the first six months of 2018, an increase of 15.7% compared to H2 2017 and its highest for such a period. Revenue for H2 2018 climbed 23.6% to SEK122.9 billion (about RM56 billion) with 317,639 cars sold in that time (+14.4%).

“These results confirm that Volvo Cars is now well-positioned for a new period of sustainable global growth. I expect us to achieve another year of record sales in 2018, as we aim to establish ourselves as a diversified, global mobility provider under our new vision Freedom to Move,” said Håkan Samuelsson, president and chief executive of Volvo Cars.