Most companies can look like superstars in boom times but not many have what it takes to beat the odds when the going gets really tough. Combined Motor Holdings (CMH), a company that seldom, if ever, makes bold headlines, has proved it has what it takes. The vehicle dealership group headquartered in Umhlanga, KwaZulu-Natal, made it look easy as it lifted headline EPS from 156.7c in its financial year to February 2014 to 332.9c in 2018. It represented an increase of 112% and an average annual growth pace of 20.7%. CMH shareholders were also rewarded through dividend payments which were upped by 106% between 2014 and 2018. As impressive was CMH’s ability to improve profitability. One key metric, return on shareholders’ funds, improved from a solid 27.2% in 2014 to 38.9% in 2018.CMH achieved exceptional growth against the backdrop of one of the worst slumps yet in new vehicle sales. Between 2010 and 2013, new vehicle sales showed exceptional growth, rising in total by almost a third fr...

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