First Car Rental owner CMH books record profits, but eyes tougher conditions | Business

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Combined Motor Holdings, which sells most brands of cars and owns First Car Rental, has booked record results in 2023, despite significant volatility. | News24_Business

Combined Motor Holdings, which sells vehicles under 29 different brands and also owns First Car Rental, grew profits almost a quarter in its year to end-February, seeing record profit margins its rental business, but warning these are likely to be squeezed as high vehicle prices take their toll on the industry.

Headline earnings grew 23% to almost R462 million in the group's year to end-February, and had also more than doubled in its 2022 year, but the company only upped its final dividend by 6.7% to R2.40 per share. Total dividends were still up more than two-thirds year-on-year, however. The company reported record operating profit margins, citing an"exceptional" result from its car rental business, benefiting from many of its competitors downsizing significantly during Covid-19, as well as its own"aggressive" marketing.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

 

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