By Kim Richters 
 

Daimler AG said Thursday net profit for 2020 increased and it proposed a higher dividend for the year.

Net profit for 2020 rose to 3.63 billion euros ($4.37 billion) from EUR2.38 billion a year earlier, the German premium car maker said.

After tax profit for the fourth quarter was EUR3.59 billion, compared with a loss of EUR11 million in the same period a year earlier, it said.

Revenue for the full year fell 11% to EUR154.31 billion, while quarterly revenue came in 1% lower at EUR46.62 billion.

Daimler had already released some preliminary figures for 2020, with earnings before interest and taxes of EUR6.60 billion and adjusted EBIT of EUR8.64 billion.

It now proposed a dividend of EUR1.35 a share for 2020, up from EUR0.90 per share for 2019. In 2018, the dividend was EUR3.25.

Looking ahead, Daimler expects group sales, revenue and EBIT in 2021 to be significantly above the prior-year level. Sales in the first quarter should be affected by the semiconductor shortage the industry is currently facing, it said.

 

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

 

(END) Dow Jones Newswires

February 18, 2021 02:22 ET (07:22 GMT)

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