Zeda (ZZD) FY23 – Results Snapshot

Diluted HEPS 381.1cps (+17.4% y-y).
Turnover increased by 12.4% y-y to R9 145m.
GPM increased by 160bps to 45.1%.
OPM increased by 150bps to 17.0%.
Expenses increased by 12.9% y-y while expenses-to-sales increased from 29.4% to 29.6%
No dividend.
Cash generated from operating activities down from R1 828m to -R555m.
According to management, the Car Sales business recorded flat revenue and units sold year on year, reflecting a difficult trading environment mainly impacted by the increased availability of new cars and higher interest rates.
The utilisation rate for the Car Rental business closed at 74% even with the 17% increase in the average rental fleet to more than 20 000 units.
The leasing business revenues grew by 13.2% y-o-y to R2 488m, supported by the South African corporate sector and the Greater Africa business.