Car rental firm Sixt enjoyed record-breaking revenue and profit in the first half of 2022, thanks mainly to an 82 per cent rise in sales in Europe.
The mobility company saw revenue shoot up by 59.4 per cent year-on-year to €1.32 billion during the first six months of the year, the highest level in Sixt’s history. Net profit also increased from €52.7 million in 2021 to €160.3 million, a rise of more than 200 per cent year-on-year.
European markets, outside Sixt’s home country of Germany, were the “main driver” of revenue for the company, with sales increasing to €536.4 million in the January-June period. There was growth in all countries, with sales tripling in Italy and Germany also seeing a 32.5 per cent year-on-year rise to €387.7 million.
Sixt emphasised that it had been able to meet this high demand across all markets, despite the current global shortage of new rental vehicles, by investing in its own fleet “at an early stage and with foresight”.
The company added that its average fleet size during the first half of the year was 129,400 vehicles, which was an increase of 24 per cent on the same period in 2021.
Co-CEO Alexander Sixt said: “Despite unprecedented geopolitical and macroeconomic challenges, Sixt achieved record revenue and earnings in the first six months.
“Our internationalisation strategy continues to pay off and the business performance is strong evidence of the robustness of our company. The forward-looking investments in the fleet have contributed significantly to this positive development.”
Sixt said it expected high demand to continue throughout the summer, although it admitted that there were “considerable uncertainties” over the final few months of the year, including “many impending macroeconomic difficulties” in Europe and the US.
The company is forecasting a pre-tax profit for 2022 at the “upper end” of its previous guidance of €380 million-€480 million.