Last year, CityBee’s revenue in Lithuania grew by 50 percent to reach EUR 47 million
June 9, 2022
In 2021, the consolidated sales revenue of CityBee, which provides car-sharing services throughout the Baltic region, reached a record high in Lithuania and amounted to EUR 47 million. Compared to 2020 (EUR 31 million), this represents a growth of 50 percent. The revenue from car-sharing services segment grew by 17 percent and reached more than 21,3 million euros. Last year, the international group Modus Group, which owns CityBee, invested EUR 26 million in mobility services (CityBee and MyBee), four times more than the investments in 2020. CityBee is planning to actively expand in both its existing and new markets in the upcoming years.
“The challenges presented to us in 2021 resulted in new opportunities for CityBee. Although the pandemic and the related restrictions reduced the use of car-sharing services during the first quarter of 2021, the need for mobility has not disappeared. At the same time, with rising inflation and the disruption of the new car supply chain due to the pandemic, car-sharing services have become even more important and relevant. With this in mind, we decided to expand our vehicle fleet and provide our customers with the best possible opportunities to stay mobile. This allowed us to achieve the highest usage of CityBee services in Lithuania last summer and determined the successful launch of Modus Group‘s new vehicle subscription service MyBee”, – said Kristijonas Kaikaris, CEO of CityBee.
The expanded fleet had the largest impact on the company‘s revenue growth. In 2021, CityBee had a 20 percent larger fleet in all its markets than in 2020. Growth was also driven by the increased importance of car-sharing, which became particularly pronounced after the restrictions of the pandemic were lifted.
Most of the investment was made in order to update and expand the CityBee fleet. In total, more than 400 new vehicles were added to the service in the Baltic region last year, including the first 38 electric cars. In addition, 600 vehicles were updated.
In 2021, CityBee’s earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to almost EUR 5 million, i.e. 115 percent more than in 2020 (EUR 2.3 million). In addition, CityBee had an average of 86 employees during the past year, 17.8 percent more than in 2020.
CityBee currently has 800 000 registered users in the Baltic states and is planning to expand its operations to other European countries.
“The growing need for car-sharing services is apparent not only in the Baltics, where our service is established but throughout whole Europe also. As the pace of living accelerates, alternative, flexible and cleaner mobility solutions are in unprecedented demand. Cities look for innovative mobility solutions that tackle multiple issues such as affordability, safety, congestion, and urban traffic emissions. With ten years of experience, we are ready to enter other markets and contribute to more resilient cities”, – said K. Kaikaris.
According to the CEO, with the ongoing growth of customers’ reliance on car-sharing services, one of the company’s focuses also targets the promotion of responsible driving practices to improve the traffic culture and safety on the road.