2 Cheap Cars Group Ltd has reported a record net profit after tax (NPAT) of $3.2 million for the half year ending September 2023, an increase of $2.6 million compared to the previous year.
The company's revenue and income increased by 4% to $41.9 million, while gross margin increased by 41% to $10.1 million.
Despite a 12% decrease in vehicle sales, the company's focus on margin over market share and cost containment has led to profitable growth.
The company has declared an interim dividend of 5.78 cents per share gross, representing a gross annualized dividend yield of approximately 16.2%.
The company has also upgraded its net profit after tax guidance for the full year to be above $6.8 million.
Chairman Michael Stiassny believes the company is well positioned to maintain its strong performance in the second half of the year.
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