ALD Automotive, a leasing and financing services provider, has reported a net income of €918.2m for the first nine months of 2022, a surge of 50.5% compared with €610.1m a year ago.
The Q3 of 2022 contributed €312.1m to the net income versus €258.1m in Q3 2021.
During the first nine months, the funded fleet grew by 5.2% in comparison with 30 September 2021 to 1,454,000 supported by organic growth of 2.8% amid continuing supply chain constraints.
At the end of September 2022, total contracts stood at 1,762,000.
Leasing contract and services margins rose 23.6% to €1.25bn from last year.
Used car sales have more than doubled to €623.7m in comparison to €277.7m in September 2021.
Operating expenses were €624.3m, including the €83.9m for the acquisition of LeasePlan.
ALD continues to prepare for the acquisition of LeasePlan, which is expected to complete in the first quarter of 2023.
Approval processes are on track and ALD hopes to launch the rights issue before the end of this year.
ALD CEO Tim Albertsen said: “Against the backdrop of a deteriorating geopolitical and macroeconomic environment, with continued disruptions of supply chains, ALD again recorded a strong performance in the third quarter.
“Our record financial results reflect the solidity of our business model and our capacity to adjust promptly to unprecedented situations. 2022 looks like it will be another excellent year for ALD, confirming our track record of profitable growth through the cycle.
“Our strategy consistently generates outstanding results, bolstered by our sector-leading operating efficiency and prudent risk management practices. As a result, ALD is in an excellent position to embark on the step-up change represented by the highly strategic and synergetic acquisition of LeasePlan, for which the approval processes are on track for closing in Q1 2023.”