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Unaudited Interim Results for the six months ended 30 June 2025
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")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
Highlights
- Headline earnings per share increased by 35% to 96.9 cents
(2024: 71.9 cents)
- Attributable profit for the period increased to R252.1 million
(2024: R295.7 million loss)
- Sea Harvest's contribution to attributable profit increased by
127% to R174.2 million (2024: R76.6 million)
- Repurchase of 1 548 356 shares for R7.2 million
Commentary
The global economy was plagued by persistent uncertainty and lower growth as
trade tensions, policy unpredictability, and geopolitical risks weighed
heavily on most regions. South Africa's economy remained under pressure from
a combination of domestic challenges and global headwinds, resulting in
subdued growth and heightened uncertainty. The period under review was
marked by weak economic activity, rising unemployment, and fiscal strain,
further compounded by global trade tensions and political instability.
The Rand remained volatile, reflecting the vulnerability of an economy
highly exposed to global financial markets. However, subdued inflation and
interest rate cuts offered some relief to consumers. Structural reforms,
particularly in energy and logistics, offer some hope for recovery in an
otherwise fragile economy.
Against this backdrop, the Group delivered increased headline earnings per
share (HEPS) of 96.9 cents (2024: 71.9 cents), up 35% on the prior period.
This improvement was driven mainly by stronger profitability at Sea Harvest
and supported by lower finance and operating costs at Brimstone.
In line with its strategy to enhance shareholder returns, the Group
repurchased 1 548 356 shares for R7.2 million during the period under
review.
Financial overview
- Revenue of R0.2 billion (2024: R2.0 billion)
- Earnings per share 104.7 cents (2024: loss per share 121.2 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 2024. The analysis of INAV is available on the Company's
website at www.brimstone.co.za.
30 June 31 December Percentage
Description 2025 2024 change
Intrinsic NAV of Brimstone (R'm) 2 081.1 2 681.4 (22.4)
Intrinsic NAV per share (cents) 864.7 1 110.1 (22.1)
Discount to Intrinsic NAV
Ordinary shares (%) 47.0 54.6
"N" Ordinary shares (%) 52.5 54.5
Declaration of cash dividend
In line with the prior period, no interim dividend has been declared.
F Robertson MA Brey
Executive Chairman Chief Executive Officer
1 September 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 unaudited interim results and does not contain full or
complete details. Any investment decisions by investors and/or shareholders
should be based on consideration of the unaudited interim results for the
six months ended 30 June 2025 published on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2025/jse/isse/BRT/ie2025.pdf.
It is also available for viewing at
www.brimstone.co.za/investor-relations/results-reports/. This announcement
has not been audited or reviewed by the Group's external auditors.
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)*, 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: 01-09-2025 05:00:00
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