Logistics and mobility firm Super Group reported a 7.6% drop in revenue to R23.67 billion and a 13% decline in operating profit to R959.8 million for the six months ending December 2024. Despite these setbacks, profit after tax rose 6.7% to R1 billion, aided by halting depreciation charges for two businesses held for sale — SG Fleet in Australia and inTime, a German parts distributor.
CEO Peter Mountford expressed optimism, citing improving copper exports from Zambia and the DRC, as well as an anticipated recovery in Mozambique following unrest. Despite a 3.7% decline in South African vehicle sales, Super Group’s local operations showed resilience. Its dealerships in SA, including key brands like Toyota, Suzuki, and emerging Chinese brands, performed relatively well, though operating profit fell 4% to R193 million.
The group’s supply chain Africa division saw operating profit fall 10.6% to R614 million, impacted by reduced coal exports and delays at SA ports. Meanwhile, UK dealerships posted a R16 million loss, reflecting tough conditions due to declining vehicle production and EV market challenges.
Super Group is rationalising its UK dealership network but sees promise in easing European EV targets. The sale of SG Fleet is set to significantly boost the group’s balance sheet, with a dividend of R16.30 per share expected. Additionally, the group is seeking a buyer for its inTime parts distributor following margin pressure from reduced manufacturing volumes.
Despite challenging conditions, Super Group’s shares climbed 5.15% on Tuesday and are up about 13% over the past year.