Porsche (P911_p.DE) reported a 40.6% rise in operating profit to 5.05 billion euros on Friday in its first results since the luxury carmaker was listed on the stock exchange, with a return on sales of 18.9%.

The jump in profits came off the back of just a 15.7% increase in revenue and 2% increase in deliveries to just over 221,500 vehicles, showing higher profitability per car boosted by exchange rate effects, the statement said.

Porsche, which was listedin Frankfurt on September 29, stuck to its outlook for the full year of a 17-18% return on sales with a mid-term target of 17-19% and long-term target of 20%.

“The third quarter of 2022 was quite volatile and challenging from a political, economic and social perspective. Nevertheless we were able to successfully list Porsche and get off to a flying start,” Chief Financial Officer Lutz Meschke said.