- The mobility business group has invoiced a total of 182 million Euros in the first eight months of the year.
- 38% of billing for OK Rent a Car, the vehicle hire division, was obtained via their direct channels.
- OK Rent a Car is the only European rent a car company which did not cancel their vehicle purchase orders from brands in 2020.
The mobility business group OK Mobility Group ended the month of August 2020 with a positive consolidated EBIDTA of more than 9,8 million Euros and a consolidated profit of 5,8 million Euros, despite the difficult economic situation currently affecting national and international markets.
This data was presented this morning to more than 80 representatives from Spain’s main banking and financial entities by the CEO of OK Mobility Group, Othman Ktiri, at the company’s headquarters in Palma. The event was also live-streamed.
During his presentation, Ktiri also pointed out that during the first eight months of the year, the group billed a total of 182 million Euros, compared with the 196 million Euros for the same period in 2019. It is possible for the company to end the 2020 tax year with higher billing than last year.
Regarding the business division dedicated to the purchase and sale of vehicles, the sales figure for August 2020 exceeds that of 2019. Regarding vehicle sales to private customers, 20% were made 100% online via the okcars.com website. “The great geographical diversification, as well as the group’s expertise in the commercialisation and distribution of vehicles in Europe” assures Ktiri, “has been one of the key factors which has allowed us to achieve these sales volumes and to maintain margins”.
The vehicle hire business division has suffered a reduction in billing due to travel restrictions. However, OK Rent a Car has increased their market share, considering that the average in the vehicle hire sector suffered reductions of more than 80%.
It is also notable that 38% of billing from this vehicle hire division was obtained via direct sales from their okrentacar.es online channel and the call center.
OK Rent a Car is also the only rent a car company in Europe which did not cancel their vehicle purchase orders from brands in 2020.
OK Mobility Group has also made a great effort to develop a Contingency Plan to allow them to reduce costs and save 31% during the first eight months of 2020, an increase of 37% if we compare with the months from April to August.
In addition, OK Mobility Group continues to maintain an excellent financial position, with availability of their credit lines which was reduced by 30% compared with the same date in 2019. The solid financial position and the solvency of their ratios have meant that the company did not need to focus on their cash register, and instead could concentrate on being profitable, which they have been doing since the company was founded 16 years ago.
Once again, and thanks to the disruptive model which has always characterised the company, OK Mobility Group has achieved these excellent results despite the economic crisis provoked by the COVID19 crisis.
In the short and medium term, the Group shall maintain their current diversification and international expansion strategy, especially at a time when unequal recovery is expected in the different countries in the European Union. Regarding the vehicle hire business line, OK Mobility Group shall continue with their expansion plan, with the consolidation of the activity in Portugal, the development of the recently opened Italian market and the possible opening of new destinations in the Mediterranean arch.
The company shall also focus their efforts on efficiency, digitalisation, profitability, establishing target ratios which will allow them to generate even greater solvency.
OK Mobility Group has a solid, resistant and distinctive model which will allow them to begin the transition towards an international corporate structure, meaning that they will be able to position the company as a key European actor, with a strong technological component in the mobility industry.
Ktiri assures that “We will definitely change from being a specialised automotive and tourism group to a Global Technological Mobility Retailer”.