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Ferrari bounces back from pandemic with huge profits for Q2

  • Ferrari posts a profit of £176m for the second quarter of the year
  • Figure smashes last year’s Covid-affected figure of just £7.7m
  • Profits and sales are both up from same period in pre-pandemic 2019

Time 2 months ago

Ferrari has posted a huge profit of £176m (€206m) in the second quarter of the year – 12 months after seeing its earnings plummet as a result of the Covid-19 pandemic.

The figures dwarf the numbers for the same period last year when the company made just £7.7m (€9m) amid a forced seven week production shutdown.

It marks a huge bounce back for the Maranello firm and even beats the same period in pre-pandemic 2019, when the company made just under £160m (€184m).


The incredible success is believed to be down to increased orders with shipments almost doubling in the second three months of the year to 2,685 – five per cent higher than 2019.

Research showed that the number of women placing orders also doubled in that time.

Net revenues also surged to £890m (€1.03bn).

Overall, Ferrari posted first-half profits of  £352m (€412m) up from £150m (€175m) in the same period last year.


On the strength of the earnings, Ferrari has raised its forecast to £385m (€450m) in cash by the end of the year, up from £300m (€350m).

John Elkann, interim chief executive of the company, said the profit ‘speaks to the unique and enduring power of Ferrari’.

Elkmann will be replaced in his role on September 1 by Italian executive Benedetto Vigna, who will hope to keep the profits rolling in the second half of the year.

 

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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