The Danish branch of the Norwegian car-sharing company Hyre, according to them, is already earning millions of kroner after just two years on the market.
The Norwegian car company Hyre expects their Danish subsidiary to make millions on the bottom line.
Specifically, Hyre expects to raise 2.3 million kroner after tax from the business in Denmark, Hyre writes in a press release .
According to the Danish-Norwegian company, the result is related to the acquisition of competitor LetsGo, which however had a deficit of 10 million kroner in 2022.
The financial result was achieved after the acquisition of the car-sharing company LetsGo in 2023, which at that time had reported a loss of 10 million kroner in the previous year.
Managing Director of Hyre Danmark, Frederik Sandager Rasmussen, is very satisfied that the trend has now turned around.
– We are satisfied with the results achieved within the short period. Our focus has been on technology and cost efficiency, which has enabled a previously loss-making company to now generate profits.
Hyre believes that it is a stable customer base that comes back again and again that contributes to profits.
– We see a high level of customer satisfaction, resulting in repeat bookings. A significant portion of our revenue comes from customers who regularly use our services.
To retain customers, Hyre will increase its number of cars in Denmark and pursue additional business customers.
"Our goal is for customers to be able to start their driving trip within a few minutes. That's why we are increasing our availability of cars," says Rasmussen.
However, not all car sharing services in Denmark are sustainable businesses. During 2024, several car sharing services in Denmark were shut down. For example, a major importer threw the entire business in the trash. Read more about it here .
Hired result for 2024:
- Gross profit: DKK 9,788,698.
- Earnings before depreciation and impairment (EBITDA): DKK 6,292,957.
- Result before financial items (EBIT): DKK 2,659,895.
- Profit for the year after tax: DKK 2,285,573.
