Comar has seen an increase in profits to R203 million, up from R199 million in the previous period.
Comair Limited today issued its interim financial results, reporting a record first-half performance for the 2018 financial year, similar to that achieved in the first half of the previous year. This resulted in profit after tax of R203 million, compared to R199 million in the prior period, headline earnings per share of 43.6 cents, and EBITDA of R604 million.
Kirsten King, CFO of Comair, said:
“The financial results are very encouraging as they point to prudent management in a constrained economy. Comair’s continued investment in innovation pays dividends, literally and figuratively, across our airline and non-airline operations, and that innovation is underpinned with passion for service, leadership and integrity that have been Comair’s watchwords for more than 70 years.”
Erik Venter, Comair CEO, said the company was “very pleased with the results", which he says were achieved despite a volatile economy and surplus capacity, which restricted occupancy levels below international standards. "Despite a lack of growth in the economy and the GDP, we saw a 6% growth in both revenue and passenger volumes," he said.
Venter added that the company being named among the top five JSE-listed companies in terms of growth in cumulative shareholder value in their last five years, equating to annual growth of 41.5 percent and a total growth of 467 percent, as a highlight of the period. “That can only be achieved through a corporate culture that insists on, nurtures and rewards efficiency and competence at every level of the business. Our management of talent is a key differentiator of our operation,” he said.
Highlights
- Profit after tax of R203 millio, up R4 million from the previous period’s R199 million.
- Earnings per share and headline earnings per share 43.6 cents (prior period 42.8 cents).
- EBITDA of R604 million (prior period R575 million).
- Revenue growth and passenger volumes grew by six percent despite a volatile economy.
- Comair’s non-airline business units continue their steady growth, contributing 13 percent to profit from operations.
- Strong operating cash flows of R517 million, with cash in hand of R777 million on 31 December 2017.
