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Taxi industry woes put a spoke in the wheel of Transaction Capital

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The group’s stock plunged 40% as it increased the bad debt provision for SA Taxi by R1.8bn

Transaction Capital’s exposure to the embattled taxi industry, which has been hard hit by high interest rates and fuel prices, saw the group’s share price plunge by as much as 40% on Tuesday after the company painted a troubling picture of its erstwhile cash cow, SA Taxi.

The group’s stock plunged 40.17% to R16.83 by midday after saying it expects core earnings per share from continuing operations in the half-year to end-March to fall by more than 20% but by no more than 50%. It ended 37.18% weaker...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

 

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