Ferrari sales go up by 39% in the MidEast

Italian sports car manufacturer sold 264 units in 6 months across the region
Ferrari sales go up by 39% in the MidEast
By Salma Awwad
Tue 06 Aug 2013 11:15 AM

Italian luxury carmaker Ferrari sold 264 units in the Middle East in the first six months of the year, resulting in a 39 percent year-on-year surge in sales across the region.

The Maranello-based manufacturer also sold 3,767 globally in the same period reported revenues of €1.17bn ($1.55bn), a rise of 7.1 percent.

Ferrari’s board also met under the chairmanship of Luca di Montezemolo on August 4 where they examined the financial results for the first six months of 2013 and highlighted Ferrari’s strategic decision to reduce volume output.

“Once again in the first six months of 2013, Ferrari has recorded excellent results. Two months ago, we took a strategic decision the effects of which will be felt more clearly over the next six months. However, that move is already beginning to make its mark,” said Luca di Montezemolo.

“An increase of just over two percent in volumes has been matched by 20 percent growth in EBIT [Earnings before interest and taxes] which is and will remain our primary objective along with maintaining the exclusivity and value of our cars over time.”

For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.