MUNICH (dpa-AFX) - Brake manufacturer Knorr-Bremse wants its shareholders to participate in the 2023 profit increase with a higher dividend. The payout is to rise by 13 percent to EUR 1.64 per share, the MDax-listed company announced in Munich on Thursday. Knorr-Bremse achieved record sales and increased its profit last year. The bottom line for shareholders was a net profit of EUR 552.5 million, which is also around 13 percent more than in the previous year, according to the annual report published at the same time.

For 2024, CEO Marc Llistosella is sticking to the targets he published in February. Turnover is expected to reach 7.7 to 8 billion euros in the current year, up from 7.9 billion euros last year. This only includes the subsidiary Kiepe Electric, the majority of which has now been sold, until the end of January. Earnings before interest, taxes and special items (adjusted EBIT) are expected to account for 11.5 to 12.5 percent of Group turnover. Last year, this margin was 11.3 percent./stw/mis