Diluted HEPS 184.1cps (+11.2% y-y).
Turnover decreased by 1.6% y-y to R5 188m, due to lower car sales volumes, resulting in a 5.8% y-y decline in car sales revenue.
GPM increased by 250bps to 43.2%, supported by a revised approach to estimating vehicle values – applying more granular, model-specific inputs for mileage and age – enabling alignment of book values to expected resale values.
Expenses increased by 6.8% y-y while expenses-to-sales increased from 23.7% to 25.7%.
OPM increased by 100bps to 16.0%.
Dividend of 55.0cps (1H24: 50.0cps).
Cash generated from operating activities dropped from -R304m to -R1 472m, driven by the R2 794m investment in rental vehicles.
Gross debt increased from R6 090m to R6 394m to support fleet growth.
