William Malcolm

Skoda Auto Reports 2019 Revenue And Operating Profit Growth

Skoda Auto’s operating profit grew 21 percent to EUR 1.7 billion in 2019. The results were supported by higher sales volumes and pricing measures that offset higher costs and spending. Volkswagen increased its operating profit by 22 percent to EUR 16.9 billion (CZK 462.5 billion) last year.

Revenues increased by 14.5 percent to EUR 19.8 billion (CZK 540.9 billion). This was partly helped by initial consolidation following the assumption of regional responsibility for India.

The automaker said that it delivered 1.24 million vehicles worldwide to its customers last year. In year-on-year terms, its sales decreased by 0.9 percent, when in 2018 the company delivered 1.25 million cars. As a reason, the company cited a declining passenger car market in China and India.

Volkswagen chairman Herbert Diess said in a statement that last year was a success for the entire Volkswagen Group. He warned, however, that this year will be challenging, as the coronavirus will present unknown operational and financial difficulties.

Škoda Auto operates three plants in the Czech Republic, as well as in China, Russia, Slovakia, Algeria, and India, through group partnerships, and in Ukraine and Kazakhstan with local partners. It is active in more than 100 markets and employs about 37,000 people in the Czech Republic.