Iveco Czech Republic ups profit to CZK 1.580bn in 2023

Bus maker Iveco Czech Republic made a profit after tax of CZK 1.580bn last year, CZK 178m more than in 2022, and its sales of products and services rose by 25 percent year-on-year to CZK 22.192bn, while sales of goods rose by 36 percent to CZK 8.773bn, according to the firm's annual report.

Most of the revenue, 72 percent in total, is attributable to sales of manufactured and purchased buses. According to the annual report, the company maintained its position as the market leader in the Czech Republic with a market share of 36 percent, including minibuses on Iveco's Rošero chassis.

The plant produced 4,735 buses last year, 32 fewer than the year before. The company exported over 90 percent of the vehicles it produced to 25 countries, mainly in Europe but also in Asia and Africa.

"The company had a particularly successful year in Slovakia, delivering more than 500 vehicles to customers there," the company said. Other traditional markets are mainly in Central and Eastern Europe, France, Italy and Germany. A part of the sales is attributable to the sale of spare parts and purchased lorries.

At the end of 2023, the company employed a total of 3,402 people, including those on maternity or parental leave, an increase of 182 people compared to 2022. It also worked with employment agencies, which supplied an average of 796 employees during the year.

According to the proposal for the company's general meeting, Kc459m of the profit should be distributed to shareholders, with a dividend of CZK 431 per share before tax. Another Kc50m will be used as a contribution to the social fund and the remaining CZK 1.074bn will be transferred to retained earnings.

Initially focused on carriages, the company started to produce car bodies in 1925 and buses in the second half of the 1940s. From 1948 to 2006, the company was known as Karosa, before being renamed Iveco Czech Republic in 2007.

The company is part of the Iveco Group and produces buses under the Iveco Bus brand not only in Vysoke Myto, but also in plants in Italy and France.

Source: Iveco Czech Republic and CTK