BESSENBACH (dpa-AFX) - Commercial vehicle supplier SAF-Holland plans to raise its dividend more than expected. Shareholders are to receive 60 cents per share as a direct share in profits, the SDax-listed company announced in Bessenbach on Thursday when it presented detailed figures for the past year. This is expected to increase the dividend by 25 cents, or just over 70 percent. Experts surveyed by Bloomberg had expected a dividend of only 50 cents. The share, which is listed on the SDax, rose significantly.

The margin and sales forecast also exceeded analysts' expectations. Following the acquisition of Swedish brake manufacturer Haldex, SAF-Holland expects sales of between EUR 1.8 and 1.95 billion in 2023. In this context, a moderate decline in production figures in the mid single-digit percentage range is assumed in the European and North American truck and trailer markets.

Last year, as already announced, sales increased by just over a quarter to just under 1.6 billion euros. Adjusted for special items, earnings before interest and taxes (EBIT) of the manufacturer of axle and spring systems, couplings and landing legs increased by around a third to 125 million euros.

The margin based on this figure was thus 8.0 (previous year: 7.5) percent. In the current year, SAF expects this profitability indicator to be between 7.5 percent and 8.5 percent. Here, too, analysts had previously expected less. A net profit of EUR 61.1 million was attributable to shareholders in 2022, compared to EUR 36.7 million in the previous year.

The news was well received on the stock market. The share price rose by up to four and a half percent to 11.19 euros. This brought the share price out of the recent phase of weakness it had experienced since reaching an interim high three weeks ago.

At the current level of just over eleven euros, the share price has gained more than 80 percent since the end of September. However, the shares of the company, which has been listed on the stock exchange since 2007, are still some way from the record high of just over 20 euros at the beginning of 2018.

Following the recovery in recent months, SAF-Holland is once again worth around half a billion euros. SAF had acquired Haldex in the second attempt for the equivalent of around 300 million euros. The Swedish company's earnings have been fully included in the German Group's accounts since February 21.

"Growth last year was driven, on the one hand, by continued solid production figures for trailers and trucks in the core markets of North America and Europe, as well as by market share gains," it said. On the other hand, the weak euro had the effect of increasing sales, as more of the revenue generated abroad was included in the income statement. On the basis of organic growth, i.e. adjusted for foreign exchange and acquisitions, sales increased by almost 18 percent./zb/mis/tih