Avis operator Zeda reported solid results amid soaring demand in car rentals.
Avis operator Zeda reported revenue growth of 26% from its car rental business as demand in tourism and corporate travel continue their return following the Covid-19 pandemic in South Africa.
In its interim results for the six months ended 31 March 2023, Zeda reported that its car rentals yielded a strong revenue of R3.3 billion, representing a 26% growth year-on-year. This resulted in robust revenue growth for the rental business and cost management, which saw a record EBITDA of R1.016 billion – increasing by 39% compared to the prior period – and the EBITDA margin expanding from 28% to 31%.This performance contributed to Zeda’s strong results overall, which are listed below:EBITDA is up by 19% to R1.671 billion, with the EBITDA margin maintained at 38%;Earnings per share increased by 27%;Net debt to EBITDA improved by 0.6ppts to 1.6 times.
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