South Africa's biggest vehicle dealership, Motus Holdings, posted a 28% decline in annual profit on Tuesday, citing a challenging trading environment.
The company said its headline earnings per share — the country's main profit measure — was down R14.79 for the year ended June 30, compared with R20.46 reported a year earlier.
The main causes of the lower profit were “higher than normal vehicle and parts price inflation, volatility in the local currency against major currencies and high interest rates” which led to constrained consumer spending, Motus said.
The company, which has operations in the UK, Australia and sub-Saharan Africa, said its South African market was the most affected.
South Africa's new-vehicle sales fell 4.9% year-on-year to 43,588 units in August, the country's motor industry body Naamsa said on Monday.
Motus, which was unbundled from Imperial Holdings and listed separately in 2018, declared a final dividend of 285 cents per share.
Motus profit down 28% amid constrained consumer spending
Image: welcomia / 123rf
South Africa's biggest vehicle dealership, Motus Holdings, posted a 28% decline in annual profit on Tuesday, citing a challenging trading environment.
The company said its headline earnings per share — the country's main profit measure — was down R14.79 for the year ended June 30, compared with R20.46 reported a year earlier.
The main causes of the lower profit were “higher than normal vehicle and parts price inflation, volatility in the local currency against major currencies and high interest rates” which led to constrained consumer spending, Motus said.
The company, which has operations in the UK, Australia and sub-Saharan Africa, said its South African market was the most affected.
South Africa's new-vehicle sales fell 4.9% year-on-year to 43,588 units in August, the country's motor industry body Naamsa said on Monday.
Motus, which was unbundled from Imperial Holdings and listed separately in 2018, declared a final dividend of 285 cents per share.
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