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Combined Motor (CMH) investor relations material
Combined Motor H1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 revenue rose 6.6% YoY to R8.101bn; headline earnings per share increased 18.6% to 261.0 cents.
Total profit and comprehensive income increased 12.7% to R185.545m, while operating profit rose 13.9% to R368.442m.
Trading faced intense vehicle-market competition and pressure from high fuel prices, inflation and household affordability; tough conditions are expected to continue.
Financial highlights
Revenue was R8.101bn, compared with R7.601bn in H1 2026; gross profit was R1.430bn versus R1.343bn.
Operating profit was R368.442m versus R323.542m; profit before taxation was R250.181m versus R216.277m.
Total profit and comprehensive income was R185.545m versus R164.595m; headline earnings were R181.233m versus R164.561m.
Basic EPS rose 21.5% to 267.3 cents and headline EPS rose 18.6% to 261.0 cents; weighted-average shares fell to 69.425m from 74.802m.
Outlook and guidance
Tough economic trading conditions are expected for the balance of FY2027; new vehicles are expected to remain oversupplied and highly competitive.
Manufacturers are expected to press dealers to clear inventory and defend market share; high fuel prices and possible further interest-rate pressure may strain consumers.
First Car Rental’s forward reservations book supports the summer season outlook; fleet-life optimisation is expected to help vehicle pricing in April/May 2027.
- H1 FY2027 EPS forecast to grow 20%–25% YoY to 264.0–275.0 cents per share.CMH
H1 2027 TU - Revenue and net income surged, with robust cash generation and a positive outlook.CMH
H2 2026 - Earnings dropped 32% year-over-year, but a 102c dividend was declared amid cautious optimism.CMH
H1 2025 - Revenue up, profits down; margin and market pressures persist, but cash position strong.CMH
H2 2025 - Earnings and revenue surged, enabling a major share repurchase and strong financial positioning.CMH
H1 2026
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