Combined Motor Holdings CEO Jebb McIntosh. Picture: FINANCIAL MAIL
“The widespread corruption, mismanagement of state-owned enterprises, uncertainty regarding land expropriation threats, and political leadership focused on short-term tactics ahead of the election, have combined to reduce business confidence to near all-time lows,” CEO Jebb McIntosh said. Revenues were up due to a “slight increase” in vehicle sales volumes, a greater mix of higher-priced luxury models, and new vehicle prices being 2% to 3% higher. But margins fell amid heightened competition, he said.“It is not easy to be optimistic about the short-term future of the domestic market,” McIntosh said.