Wrap Text
Consolidated Financial Results for the year ended 31 December 2025 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 2025 AND
CASH DIVIDEND DECLARATION
Highlights
- Headline earnings per share increased by 98% to 213.6 cents
(2024: 108.0 cents)
- Attributable profit for the year increased to R44.0 million
(2024: R200.4 million loss)
- Dividend declared of 42 cents per share (2024: 40 cents)
- Sold 11.95 million shares in Oceana for a total cash consideration of
R633.4 million
- Net debt reduction of R520.3 million (2024: R516.8 million)
- Repurchased 1.55 million shares for a total cash consideration of
R7.2 million
Commentary
The global economy was characterised by persistent uncertainty and lower
growth as trade tensions, policy unpredictability, political instability and
geopolitical risks weighed on most regions.
Despite modest GDP growth, the South African economy showed resilience with
certain sectors benefiting from a stronger Rand that delivered its best
performance since 2009, appreciating by 13% against the US Dollar during the
year. Subdued inflation with a shift towards a lower inflation target and
further interest rate cuts offered some relief to under pressure consumers.
Structural reforms, particularly in energy and logistics, showed early signs
of traction, reducing the drag from electricity constraints and supply chain
bottle necks on economic activity. South Africa also exited the FATF grey
list and received a sovereign credit rating upgrade during the year under
review, supporting investor confidence and market sentiment. The boom in
commodity prices during the year boosted domestic tax revenue collection
especially from the mining sector. High unemployment however remained a key
constraint, with youth unemployment especially elevated.
Against this backdrop, the Group delivered increased headline earnings per
share of 213.6 cents (2024: 108.0 cents), up 98% on the prior year. This
improvement was driven mainly by the strong performance of Sea Harvest Group
Limited, supported by lower finance and operating costs at Brimstone.
Brimstone disposed of 11.95 million shares in Oceana Group Limited for
a total cash consideration of R633.4 million. In line with its debt
reduction strategy, the net debt reduction for the year was R520.3 million
(2024: R516.8 million).
Brimstone repurchased 1.55 million shares for R7.2 million during the year.
Financial overview
- Revenue decreased to R413.7 million (2024: R2.2 billion)
- Earnings per share of 18.3 cents (2024: loss per share 82.5 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.
31 Dec 31 Dec %
Description 2025 2024 change
Intrinsic NAV of Brimstone (R'm) 2 377.7 2 681.4 (11.3%)
Intrinsic NAV per share (cents) 987.9 1 110.1 (11.0%)
Discount to Intrinsic NAV
Ordinary shares (%) 54.4 54.6
"N" Ordinary shares (%) 46.5 54.5
Declaration of cash dividend
Brimstone's board has declared a final gross dividend of 42 cents per share
for the year ended 31 December 2025 (2024: 40 cents) payable on Monday
20 April 2026. The final dividend has been declared out of income reserves.
In compliance with the requirements of Strate and the JSE Limited, the
Company has determined the following salient dates for the payment of the
final dividend:
Declaration date Tuesday, 3 March 2026
Last day to trade Tuesday, 14 April 2026
Shares trade ex-dividend Wednesday, 15 April 2026
Record date Friday, 17 April 2026
Payment date Monday, 20 April 2026
Shares may not be rematerialised or dematerialised from Wednesday,
15 April 2026 to Friday, 17 April 2026, both days inclusive.
The final dividend is subject to a local Dividends Tax at 20%. The final
net local dividend amount is 33.6 cents per share for shareholders liable
to pay Dividends Tax and 42 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.
Results presentation
Shareholders are advised that the Company will be holding a results
presentation today, Tuesday, 3 March 2026, relating to the Company's
financial results for the year ended 31 December 2025. Brimstone will be
hosting the presentation live via webcast at 14h00, which can be accessed
at www.brimstone.co.za.
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 2025 published on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2026/jse/isse/BRT/ye2025.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)*, T Moodley*, PL Campher
(Lead Independent), M Hewu, N Khan, LA Parker, FD Roman, L Wort *Executive
Company Secretary: T Moodley
Website: www.brimstone.co.za
E-mail: info@brimstone.co.za
F Robertson MA Brey
Executive Chairman Chief Executive Officer
3 March 2026
Date: 03-03-2026 07:10:00
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