During the first half of 2017, the Sixt Group’s total revenue increased 5.7% to $1.33 billion compared to $1.26 billion during the same time in 2016. Consolidated operating revenue (excluding revenue from returned leasing vehicles) went up 6.3% to $1.17 billion, according to the company.
Sixt’s revenue for the vehicle rental business unit came to $927.4 million, an increase of 6.4%. Foreign operations rose 12.3% to $495.3 million — due to an increase in measures targeted at growing sales and marketing in Western Europe and the U.S., according to the company. The share of foreign business in operating revenue continued to climb — up 53.4% compared to 50.6% during the first half of 2016.
Despite high expenditures for expansion measures and new mobility services, Sixt’s earnings before taxes increased 25.3% to $112.2 million compared to $89.5 million during the same time in 2016, according to the company.
For the first six months of 2017, Sixt added around 121,400 vehicles to its rental and leasing fleet with a total value of $3.75 billion. This is compared to 115,900 vehicles with a total value of $3.35 billion in the first half of 2016.
"With an operating return on revenue of nearly 10% during the first half of the year, Sixt has demonstrated yet again that we are presumably the most profitable international vehicle rental provider in the world,” said Erich Sixt, CEO of Sixt SE. “Outside of Germany, we are benefitting significantly from our growth initiatives, such as the successful launch of corporately-owned operations in Italy. Shifting tourism flows in the Mediterranean region, to countries such as France and Spain, have also been beneficial. All in all, our outlook for the current fiscal year has become substantially more optimistic."
Sixt’s Management Board updated its outlook for the full year 2017. The Board now projects an increase in consolidated earnings. In 2016, earnings were $238.6 million. Sixt also expects growth of the consolidated operating revenue, which was reported as $2.32 billion in 2016.