(Reuters) -French automaker Renault on Wednesday reported a slightly lower than expected full-year 2023 net profit, but posted margin and revenue gains and offered more cash to investors with a huge increase in its dividend. Renault said it would propose a dividend of 1.85 euros ($1.98) for 2023, up from a payout of 0.25 euro for 2022, joining U.S. automakers Ford and General Motors in giving more cash to investors. The stronger cash position and margin growth are the latest sign that the carmaker's turnaround under Chief Executive Luca de Meo is bearing fruit.

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