Combined Motor (CMH) H1 2027 earnings summary

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.