Combined Motor Holdings pays dividend after ‘outstanding’ recovery
Company grew its cash resources through cost cutting despite sales slump
Combined Motor Holdings (CMH), which operates vehicle dealerships and owns First Car Rental, says strenuous cost cutting and a second-half recovery has allowed it to pay out almost R100m to shareholders for its year to end-February.
The Covid-19 pandemic hit SA’s motor sector hard, forcing rental companies including CMH to cut staff and vehicles as tourism and travel fell off a cliff. However, sales numbers are still not expected to recover to pre-pandemic levels until at least end-2022...