Profits soar as Ferrari reflects on 2016 sales

Milan - Luxury Italian sports carmaker Ferrari says profits last year soared by 38% on higher volumes of the 488 mid-engine family, which is key to the company's growth plans.

Profits all-round

Ferrari on Thursday (February 2) reported 2016 net profit of 400-million euros ($432-million), up from 290-million euros registered for last year. 2016 shipments also rose by 4.6% to 8014 vehicles, while net revenues increased 9% to 3.1-billion euros.

Ferrari aims to make more cars this year and is forecasting 2017 shipments above 8400 vehicles and revenues of 3.3-billion euros.

The carmaker said fourth-quarter profits doubled to 112-million euros on a 12% increase in revenues to 836-million euros, despite a 4% fall in shipments to 1940.

Ferrari SA's stellar year

In 2016, the Italian automaker sold an incredible 94 cars in South Africa, according to the National Association of Automobile Manufacturers of SA (Naamsa) figures.

The Ferrari FF, the brands only four-seater, saw one new owner in August. In February, the 458 Speciale also only found one owner, but considering that the 458 range has been replaced by the 488, this solitary unit can be understood.

The F12 Berlinetta, the most expensive vehicle in Ferrari SA’s stable, found three new owners, as did the 599 GTB.

READ: Ferrari SA boasts with impressive 2016 sales figures

The 488 GTB, 488 Spider and California T were Ferrari SA’s best-selling cars for 2016. The California T, in third, sold 13 units, the 488 Spider 25, and the 488 GTB an incredible 48.

But, the Spider only went on sale in June and this is where things get interesting.

For the year, the GTB averaged 4.4 units per month. Since going on sale until December, the Spider averaged 3.6 cars over those seven months. And over the same period, the GTB averaged 2.4. That’s a drop of two cars per month!