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Consolidated financial results for the year ended 31 December 2024 and cash dividend declaration
Brimstone Investment Corporation Limited
ISIN Number: ZAE000015277
Share Code: BRT
ISIN Number: ZAE000015285
Share Code: BRN
Company Registration Number: 1995/010442/06
(Incorporated in the Republic of South Africa)
("Brimstone" or the "Company" or the "Group")
CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024
AND CASH DIVIDEND DECLARATION
Salient features
- Headline earnings per share up by 51% to 108 cents (2023: 71.6 cents)
- Dividend declared of 40 cents per share (2023: 40 cents)
- Repaid funders R516.8 million
- Repurchase of 4.5 million shares for a cash consideration of
R21.7 million
- Subsequent to year-end, repurchased 861 325 shares for a cash
consideration of R4.3 million
- Deconsolidation of Sea Harvest, resulting in net loss on deemed
disposal of R562.1 million
Commentary
The year under review saw a volatile Rand, high interest rates and easing
inflation. While loadshedding eased, persistent pressure on the domestic
transport network, particularly ports, weighed on the economy and impacted
growth. High unemployment also continued to curb consumer spending, further
straining an already pressured economy.
Operating conditions remained challenging, and we expect that slow economic
growth, high inflation and Rand volatility will continue to pose challenges
in the medium term.
Brimstone reported headline earnings per share of 108 cents, up 51% from
the prior year. However, due to the deconsolidation of Sea Harvest
following the acquisition of certain subsidiaries of Terrasan Group
Limited, a loss on deemed disposal of R562.1 million was recognised,
resulting in a loss per share for the year.
In line with its stated objective to reduce debt through disposals, the
Group fully disposed of three and partially disposed of two of its
investments for a total gross cash consideration of R673.6 million of
which, R516.8 million was used to repay debt. At year-end the Group's
outstanding preference share debt funding was R1.72 billion (2023: R2.24
billion). This process is ongoing and the Group is on track to meet its
31 December 2025 target of reducing debt by R600 million.
Enhancing shareholder returns remains a focus for the Board and management,
and the Group repurchased 4.5 million Ordinary and "N" Ordinary shares for
R21.7 million during the year. Subsequent to year-end a further 861 325
shares were repurchased for R4.3 million.
Financial overview
- Revenue decreased by 66% to R2.2 billion (2023: R6.5 billion)
- Loss per share of 82.5 cents (2023: earnings per share 117.9 cents)
Intrinsic net asset value ("INAV")
The INAV information presented in this report has been prepared on a basis
consistent with that used in the Integrated Report for the year ended
31 December 2023. The analysis of INAV is available on the Company's
website at www.brimstone.co.za.
Description 2024 2023 % change
Intrinsic NAV of Brimstone (R'm) 2 681.4 2 978.9 (10.0)
Intrinsic NAV per share (cents) 1 110.1 1 213.3 (8.5)
Discount to Intrinsic NAV
Ordinary shares (%) 54.6 57.9
"N" Ordinary shares (%) 54.5 60.0
Declaration of cash dividend
Brimstone's board has declared a final gross dividend of 40 cents per share
for the year ended 31 December 2024 (2023: 40 cents) payable on Tuesday
22 April 2025. The final dividend has been declared out of income reserves.
In compliance with the requirements of Strate, the Company has determined
the following salient dates for the payment of the final dividend:
Declaration date Tuesday, 4 March 2025
Last day to trade Monday, 14 April 2025
Shares trade ex-dividend Tuesday, 15 April 2025
Record date Thursday, 17 April 2025
Payment date Tuesday, 22 April 2025
Shares may not be rematerialised or dematerialised from Tuesday,
15 April 2025 to Thursday, 17 April 2025, both days inclusive.
The final dividend is subject to a local Dividends Tax at 20%. The final
net local dividend amount is 32 cents per share for shareholders liable
to pay Dividends Tax and 40 cents per share for shareholders exempt from
paying Dividends Tax. The number of Brimstone Ordinary and "N" Ordinary
shares eligible for the final dividend at the date of this declaration is
39 874 146 and 224 975 962 respectively and the Company's tax reference
number is 9397002719.
F Robertson MA Brey
Executive Chairman Chief Executive Officer
4 March 2025
About this announcement
This short-form announcement is the responsibility of the directors of
Brimstone Investment Corporation Limited. It is only a summary of the
information in the reviewed condensed consolidated financial results and
does not contain full or complete details. Any investment decisions by
investors and/or shareholders should be based on consideration of the
reviewed condensed consolidated financial results for the year ended
31 December 2024 published on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2025/jse/isse/BRT/ye2024.pdf.
It is also available for viewing at
www.brimstone.co.za/investor-relations/results-reports/. Copies of the
consolidated financial results may be requested from the Company Secretary
(tmoodley@brimstone.co.za or tel +27 (0) 21 683 1444). This announcement
has not been audited or reviewed by the Group's external auditors. The
Group's external auditors, Ernst & Young Inc., have reviewed the condensed
consolidated financial statements and issued an unmodified conclusion,
thereon.
Directorate and administration
Registered office:
Boundary Terraces, 1 Mariendahl Lane, Newlands, 7700, Cape Town
Transfer Secretaries:
Computershare Investor Services (Pty) Ltd, Rosebank Towers,
15 Biermann Avenue, Rosebank, 2196
Sponsor:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited,
135 Rivonia Road, Sandton, 2196
Directorate:
F Robertson (Executive Chairman)*, MA Brey (Chief Executive Officer)*,
GG Fortuin (Financial Director)*, MI Khan (Chief Operating Officer)*,
T Moodley*, PL Campher (Lead Independent), M Hewu, N Khan, M Ndlovu,
LA Parker, FD Roman, L Wort *Executive
Company Secretary:
T Moodley
Website:
www.brimstone.co.za
E-mail:
info@brimstone.co.za
Date: 04-03-2025 12:47:00
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