French tyre maker Michelin said 2020 full-year net profit plunged to €625m from €1.73 billion in 2019 as the coronavirus pandemic hit earnings.
The firm said it sees up to 10% growth in its markets this year and boosted its dividend.
Sales dropped 15% last year to €20 billion and operating income nearly halved to €1.40 billion from €2.69 billion in 2019, while "segment operating income" plunged to €1.88 billion from more than €3 billion.
For 2021, Michelin is targeting segment operating income in excess of €2.5 billion at constant exchange rates.
Michelin said that for 2021 the business environment remained highly uncertain as the health crisis unfolds, but it still forecast that passenger car and light truck tire markets will expand 6% to 10% and truck tire markets 4% to 8%.
The company, which employs 123,600 staff, said it proposed a dividend of €2.3 from €2 on 2019 earnings.
