Press releases, PRESS OFFICE

OK Mobility Group expects to close the 2022 Financial Year with more than 90 million euros of EBITDA

Dec 1, 2022
  • The company is experiencing strong growth in its mobility services, with a 100 % + increase.
  • 30 % of the mobility services that OK Mobility invoices come from outside Spain.

OK MobilityGroup expects to close the 2022 financial year with an EBITDA of more than 90 million euros and an operating result (EBIT) of more than 70 million euros. This figure represents a 56 % increase compared to the 2021 financial year, meaning that we would have achieved the best economic results in our company's history once again.

This data was presented by OK Mobility CEO OthmanKtiri on the 3rd OK Strategic & Financial Day, which was held for the first time at the Madrid Stock Exchange, where the global mobility company registered a promissory note program of 84 million euros through the MARF. OK Mobility is now present in 10 European countries and the United States, meaning that our company’s internationalprojection is among the greatest inthe mobility sector.

More than 150 representatives of the national, European, and international financial sector participated in this event at the stock market headquarters, and 250 followed it online. OK Mobility's CEO wanted to emphasise that "we chose Madrid to host this year’s edition as we wanted to approach Spain's financial capital. We held it at theStock Exchange, the place where OK Mobility registered our first promissory note program in the MARF one year ago”.

The data presented included the company's mobility services strong growth, with an increase of more than 100 %. 2021's turnover was 70 million euros, jumping to more than 145 million euros this year, more than 30 % of this coming from outside Spain.

The rest of the turnover, over 200 million euros, comes from our company's fleet sales (remarketing) in more than 15 countries via our own distribution channels. Ktiri states that "OK Mobility has unique remarketing know-how in Europe. Not only is this activity historically profitable, as it represents 30 % of our group's EBITDA in 2022, but it also provides us with greater efficiency, agility, and resilience when it comes to managing our mobility services”.

On the other hand, the company expects to close the year with a financial debt-to-EBITDA ratio of less than 1.8, which is an improvement over the 2021 figure, which was 1.9. Once again, during the 2022 financial year, the group's financial security, whose indebtedness represents just 65 % of the vehicles' net book value, is apparent.

Ktiri assured that these results "highlightour business model's solidity and unique profitability. We combine different mobility services such as leisure rental, rentalto companies, subscription, and fleet sales via our own distribution channels, combining growth and profitability. We are determined by our management agility and efficiency and strive to be innovative and sustainable".

Our disruptive model resulted in our Spanish subsidiary, OK Mobility España S.L, positioning itself as Spain's most profitable vehicle rental company in absolute value in2021, and we expect to renew this accolade in 2022.

Ktiri confidently stated that "given that our business model is both profitable and perfectly scalable and given how well the OK brand is being welcomed in the new destinations we have opened in, we have set ourselves the target of continuing to increase our market share and our penetration position in the countries where we are present". "More specifically, our international strategic plan will allow us to continue journeying along this path of growth, positioning the OK brand as a global mobility services brand" he added.

In his presentation, OK Mobility's CEO of OK Mobility announced that new countries will soon join the list of destinations where OK is already present: Spain, Portugal, Italy, Germany, France, Greece, Malta, Croatia, Serbia, and Montenegro. The United States recently joined the list.