Autohellas Sees Earnings Shoot Up €16.9m in First Half of 2021

Autohellas, a Greek company that provides car rental and leasing services under the Hertz brand, saw the Group’s profits after taxes for the first half of 2021 amount to 16.9 million euros compared to 1.1 million euros in the corresponding period last year.

According to the company’s results of the second quarter of 2021, Autohellas recorded significant further improvement in both turnover and profitability.

In particular, the company’s turnover in the second quarter increased by 85.3 percent to 180 million euros while its operating profit (EBIT) during that period amounted to 18.4 million euros compared to 6.8 million euros. Profit after tax (EAT) amounted to 12.4 million euros compared to 2.2 million euros in the second quarter of last year.

During the first half of 2021 in total, Autohellas saw an increase of 46 percent in terms of consolidated turnover, amounting to 308.8 million euros and recorded an operating profit (EBIT) of 28.7 million (an increase of 173.5 percent) and profits after taxes (EAT) of 16.9 million euros.

According to Autohellas CEO Eftichios Vassilakis, the dynamics of the second quarter of 2021 certifies that contribution of the company’s activities to profitability has matured.

“Our synergies and market shares are increasing and bring significant results even in an environment of low tourist arrivals,” Vassilakis said.

Photo source: Hertz-Autohellas

Autohellas’ CEO, who is also the CEO of Greek airline company AEGEAN, said that his expectation for the entire fiscal year of 2021 is very positive based on the tourist demand that was particularly strong in the third quarter of the year, and the large investment they made in time in fleet preparation.

Moreover, the Group’s performance in long-term leases and especially in sales of new and used cars in the first half of 2021, supported the excellent momentum, despite travel restrictions (until the beginning of May).

Turnover from car leasing activity in Greece increased in the first half of 2021 by 18.3 percent and reached 84.4 million euros compared to 71.4 million euros in 2020.

The strong operating profitability in the first half of 2021 allowed Autohellas to invest 100 million euros for the purchase of 7,000 new vehicles, without increasing net borrowing. Fleet investment concerns both long-term and short-term leases, taking advantage of the recovery of tourist demand during the summer period (July – September).