Wrap Text
Consolidated interim results and cash dividend declaration for the six months ended 31 March 2025
WE BUY CARS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 2020/632225/06
JSE Share code: WBC
ISIN: ZAE000332789
("WeBuyCars" or "the Company" or "the Group")
CONSOLIDATED INTERIM RESULTS AND CASH DIVIDEND DECLARATION FOR THE SIX MONTHS
ENDED 31 MARCH 2025
Salient features
For the six months ended 31 March 2025 2024 % change
Units bought Number 92 339 81 785 12,9
Units sold Number 91 392 80 538 13,5
Revenue Rm 13 134,6 11 403,0 15,2
Core headline earningsi Rm 508,2 402,0 26,4
Core headline earnings per sharei,ii Cents 121,8 119,9 1,6
Basic earnings Rm 507,0 (69,5) Increase by more
than 100%
Basic earnings per shareii Cents 121,5 (20,7) Increase by more
than 100%
Headline earnings Rm 508,2 (69,5) Increase by more
than 100%
Headline earnings per shareii Cents 121,8 (20,7) Increase by more
than 100%
i. Core headline earnings is a non-IFRS measure that excludes gains/losses, costs and adjustments relating to
acquisitions and disposals of investments; once-off transaction costs directly attributable to corporate activity; and
non-cash accounting adjustments to the call option derivative asset relating to non-controlling interests.
ii. Weighted average number of ordinary shares in issue at 31 March 2025: 417 262 880 (31 March 2024: 335 281
661). The actual number of ordinary shares in issue on 31 March 2025: 417 312 804 (31 March 2024: 377 181
120).
Group results
WeBuyCars continued on its long-term earnings growth trajectory with core headline earnings for the six
months ended 31 March 2025 at R508,2 million growing 26,4% and core headline earnings per share
growing 1,6% (impacted by the new share issues as set out below), when compared to the prior comparable
period. The key drivers of this growth in core headline earnings were higher volumes, higher average unit
selling prices, improved margins and cost efficiencies driven by economies of scale. Ongoing investment
and enhancements to the technology platform, particularly in the prioritisation/qualification of buy leads
resulted in operational efficiencies and margin improvements.
The core headline earnings per share, the basic earnings per share and the headline earnings per share
were impacted by the new share issues in February, March and April 2024 (83 185 241 ordinary shares).
These new shares were issued in terms of the pre-listing capital raise, which was approved by shareholders
prior to the listing of WeBuyCars on the Main Board of the JSE on 11 April 2024, and relate to the corporate
restructuring following the unbundling from Transaction Capital Limited. Further details regarding these share
issues are contained in the Integrated Annual Report for the year ended 30 September 2024.
Group revenue at R13,1 billion increased by 15,2% when compared to the prior comparable period. Buying
and selling volumes at 92 339 and 91 392 units were up 12,9% and 13,5%, respectively. The number of
vehicles bought and sold continued to grow, with sales volumes surpassing 15 000 units in four of the last
six months and reaching an all-time monthly record for WeBuyCars of 16 294 units in November 2024.
WeBuyCars' balance sheet is conservatively geared, supported by high cash conversion rates. The net cash
generated from operating activities (at R284,1 million) for the six months ended 31 March 2025 was up 6,4%
on the prior comparable period. Net interest-bearing liabilities (excluding IFRS 16) of R1 330,3 million, consist
primarily of property mortgage loans (R955,6 million), and working capital facilities (R374,7 million) to fund
inventory.
Dividends
The Company's normal dividend policy is to declare between 25% and 33% of its headline earnings as a
dividend, subject to working capital requirements and capital expenditure required for expansion and
maintenance. WeBuyCars is a growth company that intends to grow its footprint across South Africa
responsibly. The Group believes that there are opportunities to capitalise on in the short-to-medium-term,
some of which are set out under Growth momentum and prospects below. The pursuit and efficient execution
of these opportunities should add value to shareholders.
Notice is hereby given that a gross interim cash ordinary dividend of 30 cents per ordinary share (2024:
156 424 cents per ordinary share) has been declared by the Board, payable to shareholders of the 417
312 804 (2024: 2 071 797) ordinary shares. The dividend has been calculated at 25% of the headline
earnings for the six months to 31 March 2025.
The dividend will be paid out of income reserves to all holders of ordinary shares recorded in the Company's
register on the record date. The dividend will be subject to local dividend withholding tax at a rate of 20%
unless the shareholder is exempt from paying dividend tax or is entitled to a reduced rate. This will result in
a net interim dividend of 24 cents per ordinary share for those shareholders who are not exempt from paying
dividend withholding tax.
The salient dates for the payment of the ordinary dividend will be as follows:
Salient dates 2025
Publication of declaration data Monday, 19 May
Last date to trade cum dividend Tuesday, 3 June
First trading day ex-dividend Wednesday, 4 June
Record date Friday, 6 June
Payment date Monday, 9 June
The income tax reference number of WeBuyCars is 948 083 8193.
Share certificates may not be dematerialised or rematerialised between Wednesday, 4 June 2025 and
Friday, 6 June 2025, both days inclusive.
All dividend payments will only be made into a nominated bank account by electronic funds transfer.
Shareholders who have not yet provided their bank account details to Computershare Investor Services
Proprietary Limited are reminded to contact the Company on 086 11 00 933 or +27 11 370 5000 with their
bank account details, into which the dividends can be paid electronically.
Growth momentum and prospects
WeBuyCars continues to make meaningful progress toward its goal of buying and selling 23,000 vehicles
per month by FY2028. The Group's expansion strategy is on track, underpinned by continued infrastructure
and digital capability investments.
In the six months to 31 March 2025, the Group achieved the following significant milestones:
• Added 10 new buying pods, bringing the Group's national footprint to 93, thereby enhancing
convenience for customers across the country;
• Successfully relocated the Pietermaritzburg supermarket to a larger site with 300 parking bays, while
also expanding capacity at the Group's George, Polokwane, the Dome, Johannesburg South,
Riverhorse Valley, and Gqeberha facilities;
• Opened the Rustenburg supermarket on 1 October 2024 as planned – with capacity for 300 vehicles,
expanding the Group's reach to the North West Province;
• The Vereeniging supermarket will have the capacity to accommodate 550 vehicles for sale. The
Group anticipates trading from this location on 1 August 2025;
• The development of the 30 400 sqm Lansdowne supermarket in Cape Town is progressing well, and
the Group anticipates trading from this new facility in December 2025. This supermarket will have the
capacity to accommodate 1 300 vehicles for sale;
• Similarly, construction of the 17 450 sqm Montana supermarket in Pretoria North is progressing
according to plan. Trading is expected to commence from this new facility in December 2025. This
supermarket will have the capacity to accommodate 1 300 vehicles for sale.
These developments are being funded through existing cash reserves and available debt facilities,
underscoring the Group's disciplined approach to capital allocation.
Whilst mindful of macroeconomic conditions both locally and globally, WeBuyCars remains cautiously
optimistic. The evolving political landscape in South Africa, shaped by the Government of National Unity,
may introduce short-term complexity, but it also presents an opportunity for renewed focus on stability and
growth. Globally, policy shifts such as changes to US trade tariffs have created uncertainty, but WeBuyCars
is well placed to navigate these uncertainties through innovation and advanced real-time data analytics.
In the first few months of the 2025 calendar year the motor industry has seen an uptick in new vehicle sales,
signalling an improvement in consumer confidence and a resilient appetite for mobility despite broader
economic pressures. Enhancements to the Group's internal finance application system and the lower interest
rate environment in South Africa should positively impact sales volumes – particularly in the finance sales
channel.
Against this backdrop, WeBuyCars will continue to focus on what it does best: simplifying the vehicle buying
and selling processes, enhancing its digital platforms, refining its lead management systems, and leveraging
its growing data insights to drive smarter, faster pricing decisions.
Short form announcement
The contents of this short form announcement are the responsibility of the Board of Directors of the Company
and have not been reviewed or audited by the Group's independent auditor, PricewaterhouseCoopers Inc.
Shareholders are advised that this short form announcement represents a summary of the information
contained in the full announcement, published on SENS via the JSE CloudLink at
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/WBCE/HY2025.pdf and on WeBuyCars' website at
https://www.webuycars.co.za/investors/financial-results on 19 May 2025, and does not contain full or
complete details of the financial results.
Any investment decisions by investors and/or shareholders should be based on consideration of the full
announcement as a whole, and shareholders are encouraged to review the full announcement, which is
available as set out above. Copies of the full announcement may be requested from
investors@webuycars.co.za.
Centurion
19 May 2025
Joint Sponsors to WeBuyCars
PSG Capital Pallidus Exchange Services
Date: 19-05-2025 07:05:00
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