HEPS up 6.1% y-y to 201.2cps (1H25: 189.7cps, restated from 184.1cps). 1H25 results were restated with the adoption of a new dealer lessor accounting model.
Turnover increased by 3.2% y-y to R5.5bn.
GPM decreased by 250bps to 39.5%, mainly due to a reduction in the margin on vehicle sales and a decline in rental revenue. Margins were affected by the used car market pricing pressures (deflation of new car prices, OEM assistance offerings and non-traditional brands).
Expenses decreased by 4.6% y-y while expenses-to-sales decreased from 24.8% to 22.9%.
OPM increased by 80bps to 15.2%.
Dividend of 80.0cps (1H25: 55.0cps).
Cash generated from operating activities improved from -R1 472m to R1 197m.
Car Sales volumes grew 12% y-y, while Car Sales revenue increased by 5.5% y-y, supported by both retail and wholesale channels.
