Mubasher: Boulogne-Billancourt-based Renault on Friday announced a 47.1% year-on-year surge in net income to EUR 5.210 billion in the full year 2017

The French carmaker's stake in Japanese Nissan contributed to the earnings with EUR 2.79 billion of the group's operating income.

Moreover, an EUR 1.02 billion payment due the US tax reform helped bolster Renault's full-year results.

Renault also proposed a cash dividend of EUR 3.55 per share for 2017 versus EUR 3.15 the year before. The distributions are subject to approval by the automaker's annual general meeting.

“2017 was another record year for Groupe Renault. The commercial and financial results are the outcome of our strategy deployed over the past years and the efforts of all the group’s employees," chairman and CEO Carlos Ghosn commented.

In 2018, Groupe Renault is looking to increase its group revenues, maintain its operating margin above 6.0%, and generate positive automotive operational free cash flow, the company said in a statement.

"With this performance, and the implementation of our new strategic plan “Drive The Future”, we are confident in our ability to face the current and future challenges of the automotive industry," the top official further stated.

The French automaker forecast that the auto market will grow by 2.5% in 2018 compared to last year, with the European market set to expand by 1%, and France alone by 1%.

The group also projected that internationally, Russia will see the biggest growth in the sector with a 10% surge, followed by Brazil and China with over 5% each, while India's automotive sector will grow by 6%.

On Wednesday, Renault announced that its board was looking to extend the term of its incumbent chairman and CEO Carlos Ghosn by another four years, during which the company highlighted three mandates that Ghosn would follow.