Swatch Group Ltd (SWGAF.PK, SWGNF.PK), a Swiss maker of watches and jewelry, on Tuesday registered a rise in net profit for the full year, amidst an increase in Watches and Jewelry segmental sales on strong demand.
For the full year, the luxury goods maker posted a net result of CHF 890 million or CHF 16.75 per bearer share, higher than last year's CHF 823 million or CHF 15.56 per bearer share.
Result before income taxes stood at CHF 1.152 billion as against CHF 1.096 billion a year ago.
Ordinary result moved up to CHF 1.150 billion from CHF 1.096 billion in 2022.
Operating result was at CHF 1.191 billion, compared with previous year's CHF 1.158 billion.
Watches and Jewelry segment posted sales of CHF 7.546 billion as against last year's CHF 7.145 billion.
Net sales improved to CHF 7.888 billion, higher than CHF 7.499 billion of previous year.
The Group will pay a dividend of CHF 6.50 per bearer share, higher than last year's CHF 6.00 per bearer share.
Looking ahead, the company said: "Group anticipates excellent opportunities for further growth in local currencies in 2024. The jewelry brand Harry Winston will surpass one billion in turnover in 2024…Excellent growth prospects in 2024, especially also in the lower and medium price segments, despite the problematic strength of the Swiss franc."
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