-Strong momentum with 486m. Turnover and 46m. Earnings after Tax Balanced contribution from Car Rentals and Car Trade
Autohellas announces the results for the third quarter of the year, with extremely significant momentum both in terms of turnover and profitability. More specifically, in the third quarter the turnover amounted to € 177.1m compared to € 149.2m in the respective period of 2020 showing an increase of 18.8%. Operating profit (EBIT) doubled to € 40.8m compared to € 20.5m in 2020. Earnings after tax (EAT) amounted to € 29.5m compared to € 12.1m recording an increase of 143% compared to the third quarter of last year.
The nine months of 2021 depict an increase of 34.8% in terms of consolidated turnover that amounted to € 485.9m compared to € 360.6m in last year. The operating profit (EBIT) for the nine months amounted to € 69.6m compared to € 31m in 2020, recording an increase of 124.5% and the earnings after tax (EAT) of the Group for the nine months of 2021 amounted to € 46.4m compared to € 13.2m, an increase of 251% compared to last year.
It is worth noting that despite the lockdown of the first 4 months of the year and the delayed restart of tourism from the beginning of June, AUTOHELLAS’ turnover and profitability for the nine months and especially for the third quarter were higher than the respective ones for the pre-pandemic record year for tourism 2019, in all aspects.
More specifically, the turnover from the Group’s activity in car rentals in Greece increased in the nine months of 2021 by 23% and reached € 156m from € 126.8m in 2020. It is particularly important that in addition to the long-term leasing that supported the company even during a (weak in tourism perspective) 2020, the activity of short-term rentals, mainly tourism related rentals, for the third quarter of the year was more than double the turnover of the corresponding 2020, but also higher than the record year for tourism, 2019. The company exceeded the turnover levels of 2019, having invested timely in almost 4,000 new cars for the short-term rental fleet, of which 150 electric, gaining significant market share in all main tourism areas of the country, in which it has also recently upgraded its infrastructure. Respectively, the international activity related to car rentals, had a turnover of € 48.9m., recording an increase of 27.1%.
In total, fleet employed for short-term and long-term rentals reached 47,000 cars with a total of 9,650 new car purchases. At the same time, the used cars sales coming from the rental activity reached 5,850 units. The net investment of the Group (purchases minus sales) reached € 107m.
The car trade (wholesale and retail) also had excellent momentum in both the quarter and the nine-month period, surpassing the performance of both 2020 and 2019, despite the significant (logistics and components) problems and delays faced by manufacturers in production, with sales of a total of 18,000 cars from just 10,100 in 2020 and with a significant contribution to the profitability of the Group. The turnover of the car trade reached € 281m in the nine-month period recording an increase of 44% from the respective period of 2020.
The 3 importing companies (wholesale) of the Group (Hyundai, Kia, Seat) expanded their cumulative market share reaching 15%, while at the same time having a significantly higher performance in market share of individuals (i.e. excluding corporate fleets). At the same time, the performance of Autotechnica / Velmar in Retail and after sales services was particularly satisfactory. It is important to note that all four car trade companies of the Group now operate with zero net debt.
