Combined Motor (CMH) H2 2026 earnings summary

Executive summary

• Revenue increased 18.6% year-over-year to R15.7 billion, driven by strong new and used vehicle sales.

• Operating profit rose 17.1% to R748.6 million, with net income up 29.7% to R390.9 million.

• Return on shareholders' funds improved to 27.1% from 21.7%.

• Cash resources grew 20% to R1.15 billion, reflecting robust cash generation.

Financial highlights

• Net asset value per share increased 11.9% to 2,118 cents.

• Basic EPS up 31.7% to 530.8 cents; headline EPS up 33% to 536.4 cents.

• Dividend declared for June 2026 is 222 cents, up 29.8% from prior year.

• Gross profit margin declined to 17.2% from 18.6% due to higher vehicle sales at lower margins.

• Expenses contained at 7% growth despite higher trading volume.

Outlook and guidance

• National vehicle sales market expected to grow 8-12% in the coming year.

• Continued earnings growth anticipated, with improved performance from under-performing dealerships and aftersales market.

• Foton import/distribution business expected to contribute more.

• Car rental segment targets modest profit improvement, with focus on resale values and growing inbound tourism.