Groupe PSA, a French multinational manufacturer of automobiles, reported that consolidated sales in the Middle East and Africa (MEA) region are up a sharp 61.4 per cent year-on-year at 618,800 units, of which 26,800 for the Opel brand.

The group’s overall market share in the region came in at 11.6 per cent and has steadily risen since 2015, on target with the "Push to Pass" plan objective of selling 700,000 vehicles by 2021, said a statement.

In 2017, Groupe PSA’s gobal revenue amounted to €65.2 billion ($80.25 billion) compared to €54.03 billion ($66.50 billion) in 2016 up 20.7 per cent, it said.

At constant 2015 exchange rates and perimeter, the 2017 group cumulated revenue was up 12.9 per cent.

PCD Automotive division revenue amounted to €40.73 billion ($50.14 billion) up by 9.9 per cent compared to 2016. This increase was mainly driven by the product mix (+4.5 per cent) and the volume and country mix (+4.9 per cent) improvement linked to the worldwide success of the group’s new models that more than compensated the negative impact of exchange rates (-1.6 per cent).

OV Automotive division revenue amounted to €7.238 billion ($8.91 billion) in 2017, it added.

Carlos Tavares, chairman of Groupe PSA managing board, said: “Peugeot Citroën DS outstanding results, making significant progress for the fourth year in a row, are the proof of our ability to deliver a profitable and sustainable growth.”

“Our agile, customer focused and socially responsible approach is making the difference. The acquisition of Opel Vauxhall is a great opportunity to boost value creation,” he said.

A dividend of €0.53 per share will be submitted for approval at the next Shareholders’ Meeting.

Group recurring operating income amounted to €3.991 billion ($4.91 billion), up 23.4 per cent compared to 2016.

PCD Automotive recurring operating income grew by 33.3 per cent compared to 2016 at €2.965 billion ($3.65 billion). This 7.3 per cent record profitability level was reached despite raw material cost increases and exchange rate headwinds, thanks to a positive product mix and further cost reductions. OV Automotive recurring operating income amounted to a €179 million ($220.5 million) loss in 2017.

Group recurring operating margin excluding OV stood at 7.1 per cent versus 6 per cent in 2016 and group recurring operating margin with OV stood at 6.1 per cent.

Consolidated net income reached €2.358 billion ($2.90 billion), an increase of €209 million ($257.4 million) compared to 2016. Net income, group share, reached €1.929 billion ($2.37 billion) compared to €1.730 billion ($2.131 billion) in 2016.

Groupe PSA has continued its product offensive in the MEA region, where it successfully launched the new CITROËN C3, the new PEUGEOT 3008 SUV, and the new PEUGEOT Pick Up, which marks the brand’s history-making return to its legitimate place in the segment.

Opel is in the midst of a product offensive in the MEA region having recently launched the new Insignia and Crossland X and with the launch of the new Grandland X slated for early 2018.

For the DS brand, 2017 marked the development of a dealer network across the region ahead of the market launch of the DS 7 CROSSBACK in the coming months.

The group continued to expand its manufacturing base, breaking ground on the Kenitra plant in Morocco, starting up local production in Kenya and Ethiopia, and signing a memorandum of understanding (MoU) to set up a new plant in Oran, Algeria, it stated. – TradeArabia News Service