Continued dynamics and significant improvement in profitability
Autohellas Group announces the results of the first quarter of 2022, showing an increase of 12.4% in terms of consolidated turnover, reaching €144.8m against €128.8m in 2021. Operating profit (EBIT) of the first quarter amounted to €13.4m compared to €10.4m in 2021, recording an increase of 29.9%. Earnings after Taxes (EAT) of the Group in first quarter 2022, the weakest quarter of the year due to the seasonality of tourism, amounted to €8m compared to €4.5m in the corresponding period last year, showing an increase of 79.3%.
Group’s turnover from the Rental activity in Greece increased in the first quarter of 2022 by 7% compared to 2021 and reached 41.5m. The increase in short-term leases was significantly stronger in terms of dynamics with the gradual recovery of domestic and international mobility after the last wave of the pandemic and the company consistently achieving higher market shares than pre-pandemic. In the Long-Term Rental activity, despite the strong demand, the significant delays in production and delivery of cars, by all manufacturers, has limited its development, creating however, an increasing “portfolio” of pending signed contracts with customers. Significant profitability contribution came also from the resale of used cars of the fleet.
The activity of auto trade in Greece also showed a significant increase, despite the delays and difficulties in production, in terms of Import / Distribution activity the Group companies increased their shares, but also in terms of Retail services there was an improvement, contributing a total of € 90.8m in Group’s turnover, recording an increase of 20% and contributing significantly to the operating result.
Given that 70-75% of the annual profit of the Group is produced in the second and third quarters i.e., the summer tourist season, it is important to note that since April, despite the difficult geopolitical conditions, a strong recovery dynamic has already been formed on arrivals and short-term rentals, verified also by accommodation bookings that continue and strengthen in the coming months.