Combined Motor (CMH) H2 2025 earnings summary

Executive summary

• Revenue increased 3.2% year-over-year to R13.25 billion, driven by vehicle pricing despite lower unit sales.

• Operating profit declined 18.1% to R639.5 million, with margin pressure from imports and lower daily hire rates.

• Net profit fell 26.2% to R301.5 million, reflecting challenging market conditions and margin compression.

• Cash resources rose 17.1% to R954 million, supporting a strong balance sheet.

Financial highlights

• Total assets grew 5.5% to R5.47 billion compared to the prior year.

• Net asset value per share increased 3.6% to 1,893 cents.

• Basic EPS dropped 26.2% to 403.1 cents; headline EPS down 25.6% to 403.2 cents.

• Dividends paid per share decreased 16.6% to 322 cents; final dividend declared at 171 cents, down 22.3%.

Outlook and guidance

• GDP growth forecasts revised down to 1.5–1.7% amid slow economic start.

• National vehicle sales growth of 3.5–5.0% expected, contingent on interest rate cuts and currency improvement.

• Proton losses stemmed; Foton expected to contribute significantly.

• First Car Rental anticipates continued rate pressure until competitor fleets normalize.

• Inbound tourism projected to rise with eased visa requirements.