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Motus Holdings, an automotive group, said yesterday that in line with its ongoing support of education and skills development, Motus would participate in the Youth Employment Service (Yes) initiative for the next 12 months and provide 355 youths with work experience.
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Local group buys out the remaining 40% of distributorship for R250m. 11:10
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Under more independent management now. Image: Supplied
JSE-listed automotive group Motus has acquired the remaining 40% shareholding in Renault South Africa it did not own from Renault France in a transaction valued at R250 million.
The Competition Tribunal last week unconditionally approved the transaction.
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South Africa s car industry has been battered by Covid-19 as cash-strapped consumers turned to used cars and demand for rentals declined, but Motus CEO Osman Arbee says cutting costs accordingly has led the group to new growth areas.
Motus is South Africa s exclusive importer and distributor of the Mitsubishi, Kia and Hyundai vehicle brands, and also owns Auto Pedigree dealerships. It has also felt the impact of Covid-19 in its new vehicle and its Tempest Car Hire and Europcar rental brands.
By December 2020, its retail market share had shrunk by 20.2% over six months. There’s more to this story
Motus drives earnings growth through tough motor markets
By Edward West
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CAPE TOWN - MOTUS Holdings declared an interim dividend and bolstered its balance sheet in the six months to December 31 after its diversified offering buffered it against declining trading conditions in the economy, chief executive Osman Arbee said yesterday.
Headline earnings a share increased 2 percent to 526 cents while an interim dividend of 160c was declared, versus no dividend declared at the same time last year. Debt to equity more than halved to 24 percent from 74 percent, this after free cash flow from operations shot up to R4.76 billion from R1.12bn.