Geely-owned Volvo Cars has reported its highest ever quarterly operating profit of SEK 4.2 billion (USD470m) for the second quarter of 2018, an increase of 28.6 per cent compared with the same period last year, driven by a strong increase in global retail sales.

Revenue in the second quarter increased by 26.9 per cent to SEK 66.0 billion, as retail sales rose 14.6 per cent to 170,232 cars. The operating profit margin for the period came in at 6.4 per cent, up from 6.3 per cent for the same period last year.

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For the first six months of 2018, Volvo Cars reported an operating profit of SEK 7.8 billion, an increase of 15.7 per cent compared with the same period last year and the highest ever profit for a six-month period.

Revenue in the first half of 2018 increased by 23.6 per cent to SEK122.9 billion, boosted by the company’s best ever first six months of sales of 317,639 cars, an increase of 14.4 per cent compared to the first half of 2017. The operating profit margin for the period came in at 6.4 per cent.

“These results confirm that Volvo Cars is now well-positioned for a new period of sustainable global growth,” said Håkan Samuelsson, president and chief executive. “I expect us to achieve another year of record sales in 2018, as we aim to establish ourselves as a diversified, global mobility provider under our new vision Freedom to Move.”

Since being acquired by Zhejiang Geely Holdings in 2010, the company says it has completely transformed operations. It has expanded its global manufacturing footprint and completely renewed its model portfolio in recent years. In the first half of 2018, it launched the new V60 estate and S60 sedan, while it opened a brand new manufacturing facility in South Carolina, its first in the US.

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