Sixt car rental aims to record profit | Free press

People want to travel again, but car hire is scarce and expensive. This gave Sixt a record result in the first half of the year. The outlook is also positive.

Pullach.

Sixt car rental takes advantage of the growing willingness to travel and high rental prices. After the best six-month results in history, the company aims to achieve a record profit of EUR 480 million before tax this year. Despite the scarcity of vehicles offered by carmakers, Sixt was able to expand its fleet and meet high demand in all markets, co-CEO Alexander Sixt told Pullach Wednesday.

In the first half of the year, sales of EUR 1.3 billion exceeded the pre-2019 half-year value by 17 percent. Profit before tax even doubled to EUR 223 million; EUR 160 million remained after tax.

The engine of growth in the first half of the year was European foreign business with an 82% increase in sales. In the US, sales increased by 66 percent, and in Germany by 33 percent. After two years of the crown pandemic, people wanted to travel again, Alexander Sixt said.

Although car makers face supply bottlenecks and the supply of vehicles is limited, Sixt has been able to significantly increase its fleet. Extended lead times and additional suppliers contributed to this. With an average of 129,400 vehicles, the fleet almost recovered to pre-krone levels. Sixt benefits from the market recovery more than the competition and is gaining market share at home and abroad, said co-CEO Konstantin Sixt. At the same time, cheap offers that are not economically viable have disappeared from the market.

The first station to open in Canada

Sixt continues to expect high prices and strong demand in the summer as well as in the fourth quarter. The annual turnover should increase significantly, the annual gross profit should amount to almost EUR 480 million. However, in the final months of the year, there is a lot of uncertainty about economic developments in Europe and the US, and car manufacturers’ production problems remain a challenge. Sixt expects new growth impulses in Canada, where the first branch in Vancouver was opened in July.

On the stock exchange, Sixt shares, which have risen by 30 percent since the beginning of July, fell by approx. 5 percent on Wednesday. Analysts say the numbers are solid, but the forecast is no longer a surprise.

Sixt now has 7,300 employees again and aims to exceed 8,100 from before the crown by the end of the year. Wages have risen significantly, “we are looking everywhere”, including in Germany, Alexander Sixt said. (dpa)

Leave a Comment