Autohellas: High Demand for Travel in Greece Boosts Revenue, Profit in 2022

Autohellas , a Greek group engaged in car rentals and trade, recently announced that it experienced another year of growth driven by high performance.

Released recently, the group’s annual results for 2022 show that Autohellas last year saw its revenue increase by 19.3 percent to 765.6 million euros and its profit after tax grow by 57.4 percent to 82.5 million euros.

The company said that the results indicate “a new historical milestone for the group, both in revenue and profit levels, for the second consecutive year”.

According to Autohellas, increased demand for traveling and vacations in Greece, gradual maturity of supply chain and synergies among group entities, which employs 1,750 people during peak summer months, contributed for “the historical highs”, following an “outstanding” 2021.

Greek car rentals in 2022

According to the group’s annual results for 2022, Autohellas’ rent-a-car services in Greece last year increased 21.5 percent in revenue, reaching 250.8 million euros compared to 206.4 million euros in 2021.

“This increase mainly stems from short-term rentals, where the exceptionally positive course of tourism demand towards Greece, the additional upgrade of network locations and the strong market shares of Autohellas were the drivers for improved figures,” the company said.

The high demand for traveling and vacations in Greece last year contributed to the revenue and profit levels increase of Autohellas. Photo source: Autohellas

In total, Autohellas’ short-term and long-term rental fleet last year reached 53,700 cars, including 11,700 total purchases.

Moreover, the auto trade segment also materially increased by 14.1 percent, mainly from Autohellas’ import/distribution arm (Hyundai, KIA, SEAT) contributing a total 422.0 million euros in group revenue.

Autohellas said that the auto trade segment is expected to add another brand from early May, namely the import and distribution of Fiat/Alfa Romeo/Jeep (FCA Greece), which will be acquired by a joint venture of the group with Samelet Group (Israel), following the approval by the Hellenic Competition Commission (18/1/2023 Decision No. 806/2023).

International subsidiaries

Autohellas also provided data regarding the rentals segment of its international subsidiaries. After the first consolidation of Portuguese company “HR Aluguer de Automóveis S.A.” revenue only for Q4 2022 reached 92.8 million euros in total, up from 65.5 million euros in 2021.

Aiming for new ‘green’ fleet

Strategically, Autohellas focuses on strengthening its fleet with “green“ vehicles of zero and low emissions, while also planning to create the necessary support and charging infrastructure.

These new investments are part of its 300-million-euro investment plan for the next five years, which includes the contributions of two commercial banks (co-financing agreements) and the Recovery and Resilience Facility.

Autohellas said that the agreements are expected to facilitate in limiting to a degree, the effects from the significant interest increases, at least regarding the financing of electric vehicles which, until today, remain at higher purchase values than the conventional vehicles.