CMH posts solid interim financial performance
JSE-listed Combined Motor Holdings (CMH) says it achieved a sound all-round financial performance for the six months ended August 31.
Its income statement saw an improvement on all levels – revenue, margins, expenses and interest.
Revenue for the period was R5.5-million, while headline earnings a share of 200c was 1 529% higher than that of the six months ended August 31, 2020, and 65% higher than the comparable interim period in 2019.
In the prior year’s corresponding period, the company did not declare an interim dividend. By comparison, for the period under review, the interim dividend was 110c, which was up 80% compared with the comparable period in 2019.
In a statement on October 19, the company said the business decisions taken and implemented in 2020 stood it in good stead, and positioned CMH well to take advantage of the modest uptick in economic activity.
The directors expect continuing good results moving forwards.
The shortage of new-vehicle stock is expected to lessen towards the end of the year; however, the current temporary excess of demand oversupply has, for some, created the perception that economic recovery has created the excess.
It noted, however, that the reality was that national sales levels were considerably behind those of the past decade.
On a positive note, the company said the continued low interest rates, the almost certain surge in tourism and hospitality industry activity and the move to lockdown restrictions level one should generate a positive macroeconomic outlook.
On another positive note, more than 80% of CMH’s staff have received their Covid-19 vaccinations.
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