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...

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