A significant increase in size ended the first seasonally weak quarter of the year for the leasing company and cars sale Autogelas. At a consolidated level, between January and March 2023, the value of a listed company increased by €77 million, or 53.1%, to €221.6 million. turnoverthe upward change is also associated with a contribution of about 15 million euros from the activities short term rental Hertz in Portugal. The remaining €62 million of turnover growth came from organic growth.

Group profit before tax (EBT) for the first quarter of 2023 year on year increased by 2.1% to 10.3 million euros, while profit after tax decreased slightly (-7.5%) to 7.4 million euros. Operating profit (EBIT) in the first quarter increased by 30.6% to 17.6 million euros.

The net worth of the company increased to 376.3 million euros from 345 million euros, while long-term liabilities amount to 567.6 million euros.

By sector of activity, car rental, turnover increased in the first quarter year on year by 18.2% to 49 million euros. This sector has also received significant support resale of used fleet, but also from the gradual entry cars which were orders from the previous year and have been added to the long-term lease fleet.

Income from foreign subsidiaries attributable to rent vehicles, more than doubling to 30.3 million euros, including the integration of the Portuguese company HR Aluguer de Automoveis.

Compared to the first quarter of 2022, the company’s turnover increased by 53.1%.

Excluding the latter, organic growth was 20%. According to Autohellas, countries like Cyprus and Croatia are bouncing back this year compared to Greece, hitting 2019 tourist arrivals.

In Greece, car sales showed strong growth, with group companies contributing a total of 142.3 million euros to turnover, which increased by 56.7% year on year. The turnover momentum is also supported by a significant backlog of customer orders from the 2022 period, caused by production restrictions that were applied through the second half of 2021 and all of 2022. In addition, the presence of larger fleets may, during these periods, to some extent negatively affect the level prices compared to 2022.

Since most of the group’s annual profits come from the second and third quarters, i.e. the summer tourist season, Autohellas has been recording strong arrivals and short-term rentals since April. This is due to a strong accommodation booking base, which is expected to continue in the coming months.

As for the dynamics of the upcoming summer, the largest dynamic growth in the arrivals of foreign guests at the EU level, in relation to 2022, is observed in the first four months of the year in the markets of Croatia and Portugal, where Avtogelas operates.

As for the acquisition of FCA Greece (FIAT, Jeep, Alfa Romeo) by Autohellas and Samelet, which was completed in early May, this did not affect the company’s performance. It is expected that this will manifest itself for the first time in the second quarter of 2023.