Retail
CMH car rental revs up full-year profits
While car dealerships accounted for 91% of the turnover and car hire just 7%, at a pretax profit level the contributions were nearly equal
03 May 2023 - 17:42
Combined Motor Holdings (CMH) can thank its smaller car hire division, First Car Rental, for another strong acceleration in profit in the year to end February, when growth in its core motor dealership business stalled.
On Wednesday, CMH, which owns a brand diverse chain of retail motor dealerships, posted a 23% gain in headline earnings to 617c a share, from a more modest 11% increase in revenue to R12.4bn. This followed a 117% increase in headline earnings in the 2022 financial year...
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