Germany-based car rental firm Sixt achieved record-high revenue of €3.1 billion in 2022 for the second consecutive year as it benefits from an “an increasingly positive market environment”.
The company’s worldwide sales were up by 34.3 per cent year-on-year from the €2.3 billion recorded in 2021, while pre-tax profit also reached a new high of €550 million in 2022, an increase of 24.4 per cent on the prior year.
Co-CEO Alexander Sixt said in a statement: “The results show that our group has reached a noticeably higher level in terms of its strategic positioning, earnings power and resilience than before the Covid pandemic.”
Sixt became the latest major car rental firm to announce record financial results for 2022, following the likes of Avis Budget Group and Hertz.
The company added that it expected “another very positive business year” in 2023, with a “significant increase” in revenue this year with prices likely to be higher.
“We are encouraged by the continued improvement in operational execution and continued international and product expansion,” added Alexander Sixt. “Furthermore, our forecast is based on demand returning to pre-pandemic levels, as seen in 2022 and the first weeks of 2023, but at higher prices.”
The company’s sales in Europe outside its home market of Germany reached €1.3 billion, which was a 35.1 per cent rise from 2021, while Sixt’s German revenue increased by 17.6 per cent to €869.8 million year-on-year.
Sixt achieved its strongest growth in North America, with the US becoming the largest single market for the company globally after doubling its revenue since 2019. North American revenue was up by 55.4 per cent to €908.2 million compared with 2021.
“We invested heavily last year, in our fleet, staff, technology and marketing, for example. We have thus laid the foundations for future growth and the further sharpening of our premium positioning,” added Alexander Sixt.
Sixt's average number of rental vehicles reached 138,400 at the end of 2022, up by 10.5 per cent year-on-year.