Ferrari Hits €1 Billion in Profits Amid Luxury Market Boom

Net profits at Ferrari exceeded €1bn (£853.7m) for the first time in its history in 2023, the Italian supercar maker’s chief executive has announced. In a statement, Benedetto Vigna said it had been a “very successful year, during which we strengthened our brand through a number of achievements reflected in our unprecedented financial results.” “For the first time, our net profit, up 34 percent, exceeded €1bn and the annual EBITDA margin rose to 38.2 percent.” Revenues at the Prancing Horse rose 17.2…