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CMH Results Neutral

COMBINED MOTOR HOLDINGS LIMITED - Interim Results and Dividend Declaration

Combined Motor Holdings Limited
Full analysis

What this filing means

Combined Motor Holdings delivered interim earnings per share of 267.3 cents, up 21.5% year on year, landing inside the 264.0 to 275.0 cents range it guided only a day earlier. The result is solid confirmation rather than a fresh surprise: revenue rose 6.6%, operating profit 13.9%, and the margin improved to 4.5%. A 148 cents per share dividend was declared, payable in December, restoring a cash distribution after the 2025 repurchase replaced the traditional payout.

CMH made more money than last year and told the market exactly what to expect just one day before publishing the numbers. The profit landed inside that promised range, so there is no shock here — just a company doing what it said it would. The dividend is back, which matters to shareholders who rely on the income.

Bull case

  • Revenue increased 6.6% to R8 101 270 thousand for the six months ended 31 August 2026.
  • Operating profit increased 13.9% to R368 442 thousand, with operating profit to revenue improving to 4.5%.
  • Basic earnings per share increased 21.5% to 267.3 cents for the six months ended 31 August 2026.
  • Total profit and comprehensive income increased 12.7% to R185 545 thousand for the six months ended 31 August 2026.
  • Cash resources increased 16.1% to R899 468 thousand for the six months ended 31 August 2026.

Bear case

  • Dividend withholding tax of 20% reduces the declared dividend to a net 118.4 cents per share for shareholders not exempt under section 64F.

AI-generated summary by SENS-AI, based on the original JSE SENS filing.

SENS-AI conclusion

A clean, in-line interim print: EPS of 267.3 cents sits inside the 264.0 to 275.0 cents range guided on 20 October, so the result confirms rather than surprises. The operational deltas are healthy — revenue up 6.6%, operating profit up 13.9%, margin up to 4.5% — and the reinstated 148 cent dividend is a tangible return of cash. The share had run 7.3 points ahead of the market into the print, so expectations were elevated going in.

The full announcement is where the market will test whether operating cash flow backs the earnings and whether the dividend is sustainable.

Evidence from the filing

  • Dividend withholding tax of 20% reduces the declared dividend to a net 118.4 cents per share for shareholders not exempt under section 64F.

    “from income reserves. The dividend will be subject to dividend withholding tax at a rate of 20%, which will result in a”

  • Revenue increased 6.6% to R8 101 270 thousand for the six months ended 31 August 2026.

    “Revenue (R'000) 6.6 8 101 270 7 600 901 15 711 190”

  • Operating profit increased 13.9% to R368 442 thousand, with operating profit to revenue improving to 4.5%.

    “Operating profit (R'000) 13.9 368 442 323 542 748 640”

  • Basic earnings per share increased 21.5% to 267.3 cents for the six months ended 31 August 2026.

    “Basic earnings per share (cents) 21.5 267.3 220.0 530.8”

  • Total profit and comprehensive income increased 12.7% to R185 545 thousand for the six months ended 31 August 2026.

    “Total profit and comprehensive income (R'000) 12.7 185 545 164 595 390 947”

  • Cash resources increased 16.1% to R899 468 thousand for the six months ended 31 August 2026.

    “Cash resources (R'000) 16.1 899 468 774 515 1 145 415”
Category
Results
Event posture
No Edge
Published
Oct 21, 2026

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