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.
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AI-generated Summary ✨
Comments highlight excitement over Volvo's record quarterly profit of RM1.9 billion, praising Geely's successful investment and management. Many praise Volvo's growth compared to other car brands, with some criticizing local Malaysian brands like Proton and Perodua. Several comments compare Volvo favorably to luxury and mass-market brands, emphasizing Volvo's SUV sales and sedans. Overall sentiment is positive towards Volvo's financial achievements and Geely’s strategic role, with some off-topic debates about other brands and local politics.