Diluted HEPS increased by 23.3% y-y to 218.6cps.
Turnover increased by 16.3% y-y to R7 601m, driven by Retail motor sales (+18.1% y-y), supported by interest rate cuts, competitive pricing & sales incentives by manufacturers and importers, and an improved exchange rate.
GPM decreased by 120bps to 17.7%.
Expenses increased by 7.3% y-y while expense-to-sales decreased by 110bps to 13.5%. OPM remained flat at 4.3%.
Cash generated from operating activities decreased from R235m to R158m.
No dividend (1H25: 102.0cps). Traditional dividend payments will resume from June 2026. The value of the dividend payable in December each year will be included in the value of the Share Repurchase Offer. Share Repurchase Offer will be restricted to a maximum number of 11.2m shares, 15% of CMH’s total present issued ordinary shares.
Chinese- and Indian-based manufacturers’ vehicles represent c. 50% of CMH’s new vehicle sales and have placed pressure on CMH’s traditional favourites, Nissan, Ford, and Volvo, which struggle to match their pricing and feature-rich offering.
