Wrap Text
Financial results for the year ended 31 March 2025 and dividend declaration
Crookes Brothers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1913/000290/06)
Share code: CKS ISIN: ZAE000001434
("Crookes Brothers" or "the group" or "the company")
Financial results for the year ended 31 March 2025 and dividend declaration
Group Group
Year ended Year ended %
Financial overview Index 31 March 2025 31 March 2024 change
Continuing operations
Revenue R'000 833 812 727 913 15
Operating profit before biological assets R'000 117 108 60 867 92
Change in fair value of biological assets R'000 15 419 50 296 (69)
Operating profit after biological assets R'000 132 527 111 163 19
Share of profit of joint venture and associate R'000 8 494 3 317 156
Investment income R'000 14 556 12 149 20
Finance costs R'000 (41 469) (52 329) (21)
Discontinued operations
Profit from discontinued operations R'000 - 37 805 (100)
Total operations
Profit for the year R'000 89 823 89 328 1
Headline earnings R'000 64 893 51 054 27
Shareholders' equity R'000 1 110 218 1 087 491 2
Cash generated from operations R'000 177 874 206 859 (14)
Cash generated by operating activities R'000 100 836 139 364 (28)
Weighted average number of ordinary shares shares 15 264 317 15 264 317 -
Net asset value per share cents 7 273 7 124 2
Cash flow from operating activities per share cents 660,6 913,0 (28)
Basic earnings per share cents 446,4 401,8 11
Headline earnings per share cents 425,1 334,5 27
Dividend per share cents 150,0 200,0 (25)
Year ended Year ended %
Segmental results – continuing operations Index 31 March 2025 31 March 2024 change
Sugar cane
Revenue R'000 519 832 516 054 1
Operating profit before biological assets R'000 143 993 163 560 (12)
Change in fair value of biological assets R'000 3 919 41 523 (91)
Operating profit after biological assets R'000 147 912 205 083 (28)
Bananas
Revenue R'000 198 408 151 983 31
Operating profit before biological assets R'000 49 874 18 289 173
Change in fair value of biological assets R'000 1 758 (1 908) 192
Operating profit after biological assets R'000 51 632 16 381 215
Macadamias
Revenue R'000 29 106 13 497 116
Operating loss before biological assets R'000 (35 555) (49 120) 28
Change in fair value of biological assets R'000 9 742 10 681 (9)
Operating loss after biological assets R'000 (25 813) (38 439) 33
Property
Revenue R'000 63 460 22 591 181
Operating profit/(loss) R'000 20 473 (8 834) 332
Other operations
Revenue R'000 23 006 23 788 (3)
Operating loss R'000 (7 178) (2 673) (169)
Following a return to profitability and positive cash flow last year, the group is pleased to report a great set of
results for the financial year ended 31 March 2025 ("current reporting period").
The banana and property segments performed exceptionally well despite challenges, contributing
meaningfully to earnings.
We are pleased to report headline earnings of R64.9 million (2024: R51.1 million), the highest since the 2014
reporting period.
FINANCIAL PERFORMANCE
Revenue from continuing operations increased by 15% to R833.8 million (2024: R727.9 million).
The property division achieved a significant milestone with the conclusion of the sales of the shopping centre
and filling station sites.
The fair value in biological assets decreased by 69% to R15.4 million (2024: R50.3 million).
Operating profit after biological assets increased by 19% to R132.5 million (2024: R111.2 million).
The banana joint venture Quinta Da Bela Vista successfully returned to profitability for the first time in three
years, despite election-related unrest in Mozambique. Together with the contribution of our Lebombo
investment, our share of profit from these companies increased to R8.5 million (2024: R3.3 million).
A modest use of debt resulted in a 21% decrease in finance costs to R41.5 million (2024: R52.3 million).
Actual net interest (finance costs less IFRS 16 interest and interest income) on bank borrowings decreased by
R14.5 million to R13.5 million (2024: R28.0 million).
Profit for the year increased by 1% to R89.8 million (2024: R89.3 million).
Basic earnings per share increased by 11% to 446.4 cents (2024: 401.8 cents).
Headline earnings per share increased by 27% to 425.1 cents (2024: 334.5 cents).
SEGMENTAL PERFORMANCE
Sugar cane
Revenue from sugar cane increased by 1% to R519.8 million (2024: R516.1 million), despite volumes being
slightly off last year's levels. Adverse weather, including a lagging El Nino and the coldest snap in 20 years in
early July 2024, significantly impacted yields, particularly in the un-irrigated KZN region.
Our Eswatini operation faced the longest labour strike in our history with negotiations delaying harvesting.
While negotiations were ultimately resolved in our favour, losses were incurred.
Fortunately, higher average cane prices across all regions, helped offset the impact of lower yields and the
Eswatini strike.
However, forecast sugar cane prices for next year are lower, negatively affecting the valuation of next
year's standing crop. The fair value of biological assets decreased to R3.9 million (2024: R41.5 million).
Operating profit after biological assets declined by 28% to R147.9 million (2024: R205.1 million).
Bananas
Revenue from the banana segment increased by 31% to R198.4 million (2024: R152.0 million), despite severe
weather disruptions in the Lowveld region.
The Mawecro farm initially lost approximately 16 000 bunches due to early season frost, but was on track to
recover nicely over the remainder of the year, with strong carton prices coupled with a large upcoming
plant crop. Unfortunately, a severe windstorm swept through the Nicoskamp and Amanxala farms on
27 October 2024, destroying an estimated 189 330 plants. Of these destroyed plants, 81 397 flowering
bunches that would have been harvested in the current reporting period, were lost.
The storm also affected neighbouring banana farmers, tightening regional supply and driving prices higher
over the remaining months of the year.
We were able to take advantage of these higher prices by still managing to produce a record crop with
improved quality during this critical window period.
The group is very pleased to report a record operating profit for the banana segment of R51.6 million
(2024: R16.4 million).
Macadamias
Following a disappointing 2024, revenue from macadamias more than doubled to R29.1 million
(2024: R13.5 million).
While global prices remain below "pre-Covid" levels, volumes are increasing in line with the maturity of our
orchards.
During the current reporting period, we harvested 1 040 tons of macadamias.
Unfortunately heat damage to several containers in transit to our customers in South Africa, reduced
saleable tonnage to 909 tons, approximately 131 tons shy of what was harvested.
Additionally, a late 2024 tropical storm swept through our farm with tornado-like effect causing severe
damage to our macadamia factory and 210 hectares of trees, of which approximately 70 hectares of nut-
bearing trees were totally destroyed. This negatively impacted the year end biological asset valuation,
which declined by 9% to R9.7 million (2024: R10.7 million).
Despite these setbacks, the operating loss narrowed by 33% to R25.8 million (2024: loss of R38.4 million).
Property
Revenue from the property segment increased to R63.5 million (2024: R22.6 million), driven by the successful
conclusion of the sale of the shopping centre and filling station sites at Renishaw Coastal Precinct,
contributing R28.5 million in revenue.
The division's revised marketing strategy also yielded strong results, with Phase 6 of the Renishaw Hills
development selling out during the year, enabling full repayment of the associated development loan by
year-end.
Operating profit improved to R20.5 million (2024: operating loss of R8.8 million).
Other operations
Revenue from other operations declined by 3% to R23.0 million (2024: R23.8 million), which included a R3.4
million reversal of revenue from the discontinued deciduous operation, due to lower than expected prices.
CAPITAL EXPENDITURE
Capital expenditure for the year rose to R81.6 million (2024: R32.8 million), supported by stronger operating
and free cash flow.
The group was able to undertake important capital projects to maintain our operating capacity during the
current reporting period. Key projects included infrastructure at the Renishaw Coastal Precinct necessary to
conclude the sale of the shopping centre and filling station sites and a rib-block pipeline replacement at the
Mawecro farm.
Also at Mawecro, a solar plant was commissioned in February 2025 to assist with the lifting of water from the
Komati River into a large storage dam that now serves as a hydrological battery. The project qualifies for a
125% SARS energy efficiency tax deduction.
LIQUIDITY AND FINANCING ACTIVITIES
Our focus on strengthening our core business through consolidation, efficiency, productivity and precision
has delivered strong cash flow generation with no use of general banking and overdraft facilities.
Interest paid on borrowings decreased by 20% to R37.8 million (2024: R47.2 million).
Net cash generated by operating activities was R100.8 million (2024: R139.4 million).
Net debt (total interest-bearing borrowings, net of cash balances) was R98.2 million (2024: R80.7 million).
OUTLOOK
Following a particularly strong 2024, we remain focused on driving performance in areas within our control,
despite potential headwinds.
In the sugar segment, a softer outlook for the 2025 sugar cane prices, particularly in South Africa and
Eswatini, is expected due to weaker world sugar prices, a stronger rand and increased sugar imports into
South Africa due to delayed tariff adjustments. However, our focus remains on maximising yield and quality
to protect value.
The October 2024 windstorm at Mawecro will impact the 2025/26 banana crop, with an estimated 108 000
bunches negatively affected. Still, bunch mass and quality remain excellent, and we are cautiously
optimistic that reasonable pricing will persist due to tighter market supply.
In our Mozambique macadamia operation, we continue to focus on quality and yield consistency as we
await a recovery in global prices.
The property division is progressing well with advanced negotiations underway for the sale of the school,
medical and hotel sites at the Renishaw Coastal Precinct. Phase 7 of the development at Renishaw Hills will
commence during the 2025/26 year, funded through bank finance.
Capital expenditure in the year ahead will prioritise a consistent replant programme across our agricultural
operations including the strategic Nicoskamp "banana to cane" conversion. This shift is expected to improve
resilience and returns, given the farm's excellent soils and sugar cane's tolerance to adverse weather.
CASH DIVIDEND DECLARATION
Despite headline earnings being higher than the prior year, the dividend is lower than last year as it excludes
the once-off proceeds from the sale of the deciduous division in 2024.
The board of directors of Crookes Brothers ("the board") has resolved to declare a final gross cash dividend
of 150.00000 cents per ordinary share to ordinary shareholders recorded in the register of the company at
the close of business on Friday, 8 August 2025.
In respect of the final cash dividend:
• the dividend has been declared from income reserves;
• the dividend withholding tax rate is 20% resulting in a net cash dividend of 120.00000 cents per
ordinary share to those shareholders who are not exempt from dividend withholding tax;
• Crookes Brothers Limited tax reference number is 9696/001/71/9; and
• the issued number of ordinary shares as at declaration date is 15 264 317.
The cash dividend will be paid on Monday, 11 August 2025 to shareholders recorded in the register of the
company at close of business on the record date, Friday, 8 August 2025.
The salient dates of the declaration and payment of these dividends are as follows:
Last day to trade cum-dividend: Tuesday, 5 August 2025
Shares commence trading ex-dividend: Wednesday, 6 August 2025
Record date: Friday, 8 August 2025
Payment date: Monday, 11 August 2025
Shares may not be dematerialised or re-materialised between Wednesday, 6 August 2025 and Friday,
8 August 2025, both days inclusive.
No interim dividend was declared, bringing the aggregate dividend in respect of the year ended
31 March 2025 to 150.00000 cents per share (2024: 200.00000 cents per share).
AUDIT OPINION
Deloitte & Touche expressed an unmodified audit opinion on the audited consolidated and company
annual financial statements for the financial year ended 31 March 2025 ("annual financial statements") in
their report dated 27 June 2025, which accompanies the annual financial statements.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the board. This short-form announcement contains a
summary of the information included in the full annual financial statements and does not contain full or
complete details. The annual financial statements can be found at:
https://senspdf.jse.co.za/documents/2025/jse/isse/cks/cbl2025.pdf
Copies of the annual financial statements are also available for viewing on the company's website at
https://www.cbl.co.za/wp-content/uploads/2025/06/AFS_2025.pdf or may be requested in person at the
company's registered office at no charge, during office hours.
Any investment decisions by shareholders should be based on consideration of the full annual financial
statements.
Durban
27 June 2025
JSE Sponsor to Crookes Brothers
Questco Corporate Advisory (Pty) Ltd
Date: 27-06-2025 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
