Germany-based car rental firm Sixt posted record-high revenue of €695.1 million for the first quarter, a 19.7 per cent year-over-year increase, the company reported on Thursday (11 May).
Its consolidated profit for the period was €22.2 million, compared with €66.4 million in Q1 2022.
The company "benefitted from demand returning to the high pre-Covid level, as well as from a consistently very positive market environment with a price level for rental cars still significantly higher than in 2019," according to Sixt.
The company also credited Germany and North America as "the biggest growth drivers" for its revenue bounce.
In Germany, first-quarter revenue rose 21.7 per cent from last year to €218 million, while in North America revenue increased 21.6 per cent year over year to €226.4 million.
In European markets outside of Germany, revenue increased by 16.6 per cent to €248.3 million.
Sixt's average number of rental vehicles increased 18.9 per cent to 149,000, a record, from 125,300 a year prior. In addition, more than 20 per cent of the Sixt fleet in Europe now is electric, according to the company.
Sixt also began rolling out its mobile check-in service in Europe during the quarter after a launch at US airports and successful pilots in Munich and Amsterdam.