ZURICH, March 12 (Reuters) - German luxury car maker BMW AG said it would raise its dividend after full-year operating profit rose 14 percent to a forecast-beating 9.1 billion euros ($9.6 billion), thanks to record demand for luxury cars.
BMW said on Thursday it would propose a dividend payment of 2.90 euros a share, up from 2.60 per share of common stock.
Earnings before interest and tax (EBIT) came in above the 8.96 billion euros forecast in a Reuters poll.
BMW’s automotive EBIT margin, the best gauge to compare profitability with peers, was 9.6 percent in the year, in line with the 9.6 percent margin achieved by rival Audi and the 8.1 percent by Mercedes-Benz Cars, and at the upper end of its target of between 8 percent and 10 percent. ($1 = 0.9440 euros) (Reporting by Edward Taylor; Editing by Georgina Prodhan)