Luxury Italian sports carmaker Ferrari says profits last year soared by 38 percent on higher volumes of the 488 mid-engine family, which is key to the company's growth plans.

Ferrari on Thursday reported 2016 net profit of 400 million euros ($432 million), up from 290 million euros last year. Shipments last year rose by 4.6 percent to 8,014 vehicles, while net revenues increased 9 percent to 3.1 billion euros.

Ferrari aims to make more cars this year and is forecasting 2017 shipments above 8,400 vehicles and revenues of 3.3 billion euros.

The carmaker said fourth-quarter profits doubled to 112 million euros on a 12-percent increase in revenues to 836 million euros, despite a 4 percent fall in shipments to 1,940.