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Seat with record operating profit of 226 ME in the 1st quarter
Seat posted a record operating profit of 226 million euros in the first quarter, 57% more than the 144 million in the same period of 2023, driven by increased volume and efficiency improvements, it was announced today.
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In a statement, the multinational -- headquartered in Barcelona, a member of the Volkswagen group and which markets the Cupra and Seat brands -- announced that sales revenue exceeded 3.803 billion euros, a 6.8% year-on-year increase and "the best value recorded by the company for a first quarter", with the operating return on sales rising from 4.0% to 5.9%.
"We achieved our best ever results in the first quarter, which is very positive news, given the competitive environment in 2024", said Seat and Cupra CEO Wayne Griffiths, quoted in the statement.
"However, the global economic context requires us to focus even more on our strategic priorities. Managing revenue and improving efficiency, while working on an attractive model alignment, will be crucial to achieving our goals", said David Powels, Seat's Vice-President for Finance and IT.
From January to March, Seat S.A.'s total deliveries increased by 10.6%, to 138,600 vehicles, with Cupra recording its best ever first quarter, with 56,600 vehicles delivered (+21.4%), and the Seat brand adding 81,900 deliveries, an increase of 4.3%.
As a result, the market share of both brands in Western Europe grew from 3.5% to 3.8% in the first quarter of 2024.
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