Home Companies Autohellas Group Results for the 1st Quarter 2022

Autohellas Group Results for the 1st Quarter 2022

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.

 

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