Increase of 12.4% at the level of consolidated turnover, which amounted to € 144.8m. against € 128.8m. in 2021 presented by Autohellas for the 1st quarter of 2022. The operating profits (EBIT) of the first quarter amounted to € 13.4m. against € 10.4m. in 2021, recording an increase of 29.9%. The earnings after taxes (EAT) of the Group for the first quarter 2022, which due to the seasonality of tourism is always the weakest of the year, amounted to € 8m as against € 4.5m. in the corresponding period last year, showing an increase of 79.3%.
The turnover from the Group’s activity in car leasing 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 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 ones.
Long-term leases
In the long-term leases, despite strong demand for another quarter, significant delays in the production and delivery of cars, by all manufacturers, limited the development of work, creating, however, an ever-increasing “wallet-reserve” of signed pending contracts with customers.
Significant support for profitability was also from the resale of used cars of the fleet.
Car trade
The activity of car sales in Greece also showed a significant increase, despite the delays and difficulties in production, as in terms of Import / Distribution activity the Group companies maintained and increased their shares, but also in terms of Retail services there was an improvement, contributing a total of € 90.8cm to the turnover of the Group, presenting 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, ie the tourist season of summer, it is important to note that since April, despite the difficult geopolitical conditions, a strong recovery dynamic has already formed in arrivals and short-term rentals, indicating that accommodation bookings will continue and strengthen in the coming months.
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