To view the PDF file, sign up for a MySharenet subscription.

INSIMBI INDUSTRIAL HOLDINGS LIMITED - SUMMARY OF THE UNREVIEWED CONSOLIDATED CONDENSED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2019

Release Date: 08/10/2019 08:00
Code(s): ISB     PDF:  
 
Wrap Text
SUMMARY OF THE UNREVIEWED CONSOLIDATED CONDENSED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2019

INSIMBI INDUSTRIAL HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

(Registration No: 2002/029821/06)

Share code: ISB   ISIN code: ZAE000116828

("Insimbi" or "the group" or "the company") 




SUMMARY OF THE UNREVIEWED CONSOLIDATED CONDENSED FINANCIAL RESULTS 
FOR THE SIX MONTHS ENDED 31 AUGUST 2019



PROFILE

Insimbi is a group of companies that sustainably source, process, beneficiate & recycle 
metals. The core business expertise is the ability to source and provide local, regional 
and global industrial consumers with the required commodity over its four distinct
business segments.




FINANCIAL PERFORMANCE
                                                          
                                                     2019             2018         Change  

Revenue (R'000)                                 2 417 034        2 138 007            13%

Net profit (R'000)                                 35 868           34 739             3%

Operating profit (R'000)                           67 265           62 109             8%

Cash generated from operations (R'000)             97 884           29 509           232%

Earnings per share (cents)                           9.48             9.12             4%

Headline earnings per share (cents)                  9.42             8.47            11%

Net asset value per share (cents)                  109.81           102.83             7%

Dividends per share (cents)                          2.00             2.00             0%

Debt: equity                                          73%              84%            11%



OVERVIEW

Despite a very challenging local and global economic environment, exacerbated by the impact 
of the terrible floods and labour unrest that affected Transnet operations in Durban 
earlier in the financial year which, created a backlog at Durban port that continues to 
hamper our export of recycled metals, Insimbi has achieved decent growth on the back of the 
acquisition of Group Wreck in November 2018. Commodity and, in particular metals prices, 
have been subdued in the first 6 months of the year, and it is estimated that our weighted 
average "basket" price of products is between 12% and 15% down on international pricing 
compared to the same period in the previous interim reporting period ended 31 August 2018. 
Although this has been partially offset by a weaker currency during the period under 
review, the ZAR price of said "basket" is approximately 5% lower across the board.  



DIVIDEND

The Board has declared an interim dividend of 2 cents per share. The Board has confirmed 
by resolution that the solvency and liquidity test as contemplated by the Companies Act, 
No. 71 of 2008, as amended, has been duly considered, applied and satisfied. This is a 
dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The 
South African dividend tax rate is 20,0%. The dividend payable to shareholders who are 
subject to dividend tax and shareholders who are exempt from dividend tax is 1.6 cents and 
2 cents per share, respectively. The Income tax number of the company is: 9078488153.


There are 428 461 538 ordinary shares in issue at announcement date, of which 2 666 241 are 
held in treasury and does not participate in dividends, 23 106 915 shares are held by the 
ESOP's and are participating in the dividend policy. The total dividend amount payable is 
R8 515 906. The salient dates applicable to the dividend referred to above are as follows:



2019

Declaration of dividend                                         Tuesday, 8 October 2019

Last day to trade in order to participate in the dividend       Tuesday, 19 November 2019 

Trading commences ex-dividend                                   Wednesday, 20 November 2019 

Record date                                                     Friday, 22 November 2019

Payment date                                                    Monday, 25 November 2019



Share certificates may not be dematerialised and rematerialised between Wednesday, 
20 November 2019, and Friday, 22 November 2019, both days inclusive.

This short form 
announcement is the responsibility of the directors and is only a summary of the 
information contained in the full announcement and does not contain full or complete 
details. The full announcement published on SENS is available at: 
https://senspdf.jse.co.za/documents/2019/jse/isse/ISBE/FY2019H1.pdf



Copies of the full announcement is available on the group's website at 
www.insimbi-group.co.za, or may be requested at the group's registered office 
(359 Crocker Road, Wadeville, Germiston) or at the Sponsor's office, at no charge, during 
office hours. Any investment decisions in relation to the company's shares should be based 
on the full announcement.

The information in this press announcement has not been audited. 



Directors:              F Botha (Chief Executive Officer)  
                        
                        AJ de Wet (Chief Financial Officer)
                        
                        C Coombs
                        
                        RI Dickerson* (Chairperson)
                        
                        IP Mogotlane*
                        
                        N Mwale*
                        
                        CS Ntshingila*
                        
                        (*non-executive)

Company Secretary:      N Winde

Registered office:      Stand 359 Crocker Road, Wadeville, Germiston, 1422

Website:                www.insimbi-group.co.za

Sponsor:                Bridge Capital Advisors Proprietary Limited

Transfer Secretaries:   Computershare Investor Services Proprietary Limited

Auditors:               PricewaterhouseCoopers Inc.



8 October 2019


Date: 08/10/2019 08:00:00
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.

Email this JSE Sens Item to a Friend.

Share This Story