Autohellas Hertz Profits Up by 16%, Group Invests in New Fleet

Thanks to increased profits, up by 16 percent, Autohellas Hertz is investing in the renewal of its fleet of vehicles, the company said this week.

The car rental firm, active in Greece since 1978, saw its total 2015 turnover increase by 13.5 percent to 182.9 million euros compared to 161.1 million euros in 2014. Earnings before taxes grew by 32.6 percent to 27.6 million euros with consolidated gains after taxes coming to 18.6 million euros against 16.1 million euros, marking a 16 percent rise.

The company cites the improved results to the robust tourism product which has driven an increase in vehicle rentals, the efficient operation of its network as well as the company’s expansion which has incorporated three Hertz International brands – Hertz, Thrifty and Firefly.

In the meantime, the company also saw an increase in its Fleet Management revenue, which relies solely on corporate clients. The Hertz Group has thus far invested 104.6 million euros for the purchase of 8,300 new vehicles.

“In 2015 we saw yet another year of growth and profitability. We managed – in a year of capital controls – to reinforce our standing in Greece as well as our foundations for further growth abroad. The synergies in terms of both purchasing power and the possibility of trade agreements in tourism will be most important in four destination countries – Greece, Cyprus, Montenegro and Croatia,” said Autohellas Hertz president Theodoros Vasilakis.