Sixt recorded record first-quarter revenue of €695.1 million (US$759.4 million), a 19.7 percent year-over-year increase, the car rental company reported Thursday.
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 North America and Germany as “the biggest growth drivers” for its revenue bounce. First-quarter North American revenue increased 21.6 percent year over year to €226.4 million. The company opened branches in Pittsburgh and Toronto, “among others,” during the quarter. In Germany, revenue rose 21.7 percent from last year to €218 million. In European markets outside of Germany, revenue increased by 16.6 percent to €248.3 million.
Sixt’s average number of rental vehicles increased 18.9 percent to 149,000, a record, from 125,300 a year prior. In addition, more than 20 percent 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 U.S. airports and successful pilots in Munich and Amsterdam.
