AutoWallis EBITDA almost triples in Q1
AutoWallis reported a 142% year-on-year increase in revenue and a 188% y.o.y. increase in EBITDA in its first-quarter management report, according to a press release sent to the Budapest Business Journal.
AutoWallis increased its revenue nearly two and a half times to HUF 48.7 billion in the first quarter of 2021 compared to the first quarter of last year.
The company says that this growth rate is particularly strong, as the EU passenger vehicle market saw only a 3.2% increase in sales during this period, and the Hungarian market experienced a 1.5% decrease. Meanwhile, the AutoWallis Group recorded a 228% increase in the number of units sold in Hungary.
The revenue of the AutoWallis Group’s Distribution Business Unit increased by 165% year-on-year to HUF 28.1 billion, mainly due to the launch of Opel sales in four countries at the beginning of this year. The retail & services business unit’s revenue grew by 115% to HUF 20.6 bln. In addition to the positive vehicle sales figures, there was also an increase in vehicle rentals this year, with the number of rental days increasing by 43% to 30,320. AutoWallis also registered an increase in service activity, which had previously been temporarily reduced due to the restrictions and lockdowns related to the epidemic: in addition to last year’s acquisitions, organic growth led to an increase in the total number of service hours by 153% to 29,447.
The revenue growth at the company outpaced the increase in the cost of goods sold (CoGS), resulting in the company's margin production growing from 10.2% to 12% in the first three months of the year.
Personnel expenses grew by 195% compared to Q1 2020, as the average statistical headcount grew to 662 from 330.
The company's EBITDA increased by 188% year-on-year to HUF 1.5 bln, while the total comprehensive income was a profit of HUF 406 mln, compared to a loss of HUF 582 mln in the previous year.
Gábor Ormosy, CEO of AutoWallis, said that the significant increase in earnings could be contributed to the acquisitions and organic growth in line with the growth strategy, the improved margin generation, as well as the disciplined cost management. Regarding the prospects, the CEO said that the company anticipated a revenue of HUF 230-253 bln and an EBITDA of HUF 5.7-6.3 bln for the year 2021.
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