Latest news with #Repco
NZ Herald
14-06-2025
- Automotive
- NZ Herald
Repco NZ pays $123m dividend to US owner, defies economic funk with big profits
The dividend payment is a culmination of those profits as well as a boost last year from the sale and leaseback of GPC's New Zealand distribution center in Wiri, Auckland that resulted in a financial gain of $21.98m. Repco is one of only a few retailers to escape the downturn in consumer spending and while sales declined by around $10m last year, the company has seen consistent growth since GPC bought the business in 2013. GPC NZ now contributes around 15% of sales for the group in Australasia, which in turn contributes 10% of net sales by region for the US parent company. The New Zealand entity recorded total assets of $702.7m at December 31 and net equity of $225.67m. Aside from retail and trade business Repco, it also has Napa, which sells more specialist trade products, and Motion, which includes belts, bearings and fluids for industrial users. In May 2023, GPC bought the remaining 70% it didn't own of SAS Autoparts (Shock Absorber Services), which has 19 locations throughout New Zealand. The total cash consideration for that deal was $31.58m, valuing the business at just over $45m. A year earlier, GPC bought certain assets of Century Distributors and BGH Group to extend its customer base. The company has recently undertaken a refreshment plan, investing in new infrastructure and customer satisfaction. 'We have had an in-depth review of customer needs now and into the future and how we service them,' GPC NZ executive general manager Jonathon Maddren told the Herald in an interview for the Deloitte Top 200 awards in December. The firm was a finalist in the most improved category. Jonathon Maddren. 'We shared our plan with our teams to reinvigorate the business. It's not that we lost focus; we had to move with the times,' Maddren said. He noted that the make-up of the vehicles on the road has changed with the advent of hybrids and EVs and the different technology involved. 'We've been training staff and even customers to meet the (new) product requirements.' Repco's main competitor SuperCheap Auto is also recording steady profits, with a trend for increased DIY car maintenance during economic downturn. SuperCheap is owned by ASX-listed Super Retail Group, which also owns outdoor apparel and gear retailer Macpac. Accounts recently filed for the 2024 financial year showed revenue of $197.27m, up from $191.67m in 2023. Net profit was $7.64m, down slightly from $7.89m in 2023 but above the $6.62m reported for 2022. SuperCheap opened its first seven stores in New Zealand in November 2023 and currently has more than 40 stores trading nationwide, according to its website. Repco has 148 stores in New Zealand. Photo / Bay of Plenty Times Repco dates back to 1922 when it was founded by Geoff Russell in Melbourne. In the 1980s, the business expanded into New Zealand and became popular with car enthusiasts and DIY customers. Having been listed on the ASX since 1937, the company was eventually purchased by Pacific Dunlop in 1988. Three years later a buyout group led by Macquarie Bank bought the company before selling out in a public float worth A$442m and relisting on both the ASX and NZX in 2003. In 2006, private equity funds advised by CCMP Capital Asia acquired Repco for A$1.75 ($1.98) per share, valuing the company around A$800m. In 2013, Genuine Parts Company acquired the business, helping Repco expand and take advantage of the US company's global supply chain. Genuine Parts, established in 1928 and listed on the New York Stock Exchange, reported sales of $US23.5 billion in 2024, up 1.7% on the previous year, with net earnings of $US904m. The company has 10,700 locations in 17 countries and employs more than 60,000 people. Duncan Bridgeman is managing editor of NZME Business, including the Business Herald and BusinessDesk.
Economic Times
16-05-2025
- Business
- Economic Times
Repco Home Finance Q4 profit rises 6% as asset quality improves
Repco Home Finance reported a 6% year-on-year rise in fourth quarter net profit at Rs 115 crore as compared with Rs 108 crore in the year ago period while its asset quality improved. ADVERTISEMENT The lender's total income rose 10% at Rs 435 crore against R. 397 crore while net interest income stood at Rs 180 crore growing merely 5%. Repco's loan book stood at Rs 14,492 crore at the end of March, up 7% year-on-year with home loans accounting for about three-fourth of the portfolio. The company offers loans only to retail borrowers. Its gross non-performing assets Ratio fell to 3.3% at the end of March from 4.1% a year back. Net NPA stood at 1.3% against 1.5%.The company has carried provisions for expected credit losses to the tuneof Rs 433 crore, which is 3% of total loan assets. ADVERTISEMENT Its annual net profit for FY25 stood at Rs 439 crore, registering an 11% rise over Rs 395 crore seen in the preceding fiscal. (You can now subscribe to our ETMarkets WhatsApp channel)
Scoop
06-05-2025
- Automotive
- Scoop
Townshend A Favourite For Toyota 86 Trophy Series Wins
The Toyota regular, who scored his first podium finish in last season's Bridgestone GR86 Championship, will run all four rounds of the Trophy Series in his older TR86 car in which he competed for two seasons in Toyota's main championship before it switched to the GR86 model. Having competed in the GR86 Championship, he is ineligible for the Trophy Series title but can win races, score podiums and win the Winter Series class for more experienced racers. Circuit knowledge, car knowledge and most importantly knowledge of the new Bridgestone tyre guarantees that Harry has a strong set of cards heading into round one at Hampton Downs this weekend. 'I'm definitely looking for podium finishes even though the main reason for racing is that we have a great time as a team,' he explained. 'It's always good to keep developing your driving skills, which for me have come a long way in the past couple of seasons. 'Last season was a breakthrough one for myself and the team getting a podium result and being consistently fast in the races. 'I can improve further in qualifying and that will be something I will focus on at these race weekends, particularly in regard to learning how to get the most out of the strong Bridgestone tyre at exactly the right moment. Harry's winter campaign will be backed by loyal supporters Bayswater Vehicles, Repco, and Provident Insurance. 2025 Toyota 86 Trophy Series Rd1 9-10 May 2025 Hampton Downs - NZIGP Finale Rd2 21-22 June 2025 Taupo Int. Motorsport Park - Taupo Winter Series Rd3 5-6 July 2025 Manfeild – Circuit Chris Amon - Manfeild Winter Series
