WOLFSBURG (dpa-AFX) - German automaker Volkswagen AG (VKW.L, VLKAF.PK, VOW.BE) reported Tuesday that its fourth-quarter profit after tax surged to 7.09 billion euros from 2.88 billion euros a year ago.
Profit before tax surged to 9.41 billion euros from last year's 3.72 billion euros.
Profit before tax before special items was 9.66 billion euros, compared to 4.80 billion euros a year ago.
Operating profit was 7.98 billion euros, higher than last year's 3.42 billion euros.
Sales revenue for the quarter grew 2.1 percent to 67.40 billion euros from 66.02 billion euros a year ago.
The company said its fiscal 2020 operating profit before special items of more than 10 billion euros significantly exceeded the expectations at the peak of the pandemic in spring 2020.
The company's Board of Management and the Supervisory Board propose to the Annual General Meeting that a dividend of 4.0 billion euros be distributed from net retained profits of 2.4 billion euros.
Separately, Volkswagen said it is set to use platform model for issues of the future as it is stepping up the pace of its transformation into electric and fully connected vehicles.
The company said vehicles and services of all Group brands, such as hardware, software, batteries and charging as well as mobility services, will be based on largely standardized technical foundations in the future.
Copyright RTT News/dpa-AFX