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BRIKOR LIMITED - Financial Results for The Six Months Ended 31 August 2019 Short-Form Announcement

Release Date: 21/10/2019 15:15
Code(s): BIK     PDF:  
 
Wrap Text
Financial Results for The Six Months Ended 31 August 2019 – Short-Form Announcement

BRIKOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013247/06)
JSE Share code: BIK ISIN: ZAE000101945
("Brikor" or the “Company”)

Financial Results for The Six Months Ended 31 August 2019 –
Short-Form Announcement

FINANCIAL HIGHLIGHTS

                                         31 Aug     31 Aug
                                           2019       2018         %
                                            R’m        R’m    change
Revenue                                   166,1      153,6       8,1
EBITDA                                     23,1       16,2      42,6
Basic earnings per share (cents)            1,8        1,2      50,0
Headline earnings per share (cents)         1,5        0,4     275,0
Net asset value per share (cents)          12,5       10,5      19,0
Net asset value per share (cents)           7,8        5,9      32,2

Note: No dividends have been declared for the six months ended 31
August 2019 or 31 August 2018.

Revenue increased to R166,1 million (August 2018: R153,6 million)
with the gross profit percentage increasing to 26,6% (August 2018:
21,1%).

The competitive South African economic environment continues to
put strain on selling prices in the Bricks segment. The Bricks
segment also continued to experience a demand for product range
mixes with lower gross profit yielding products prevailing. As a
direct result the revenue in the Bricks segment has marginally
increased by 0,2% to R89,1 million (August 2018: R88,9 million)
with the gross profit increasing by 6,5% to R16,3 million (August
2018: R15,3 million).

The Coal segment experienced the opposite effect with its product
range with the demand for products yielding higher prices
prevailing and resulted in an increase of 14,9% to R91,2 million
(August 2018: R79,4 million), rendering an overall increase in
revenue for the Group.

Gross profit for the Coal segment by 63,2% to R27,9 million
(August 2018: R17,1 million), as a result of the streamlining of
the concurrent environmental rehabilitation rolled out in the 2019
financial year via rental of bulldozers in the later part of the
year. With the ramps being less steep and the distance to the
sizing plant being shorter, the costs have been substantially
reduced, with lower spend on diesel being the main contributing
factor. Production has become more efficient as a direct result.

Other income increased by 19,4% to R3,7 million (August 2018: R3,1
million), mainly due to the sale of the held-for-sale property,
namely Schist, for a profit of R1,5 million and the reduction of
the diesel rebate of R0,7 million due to reduced diesel spend
under cost of sales.

Administration, distribution and other expenses increased to R28,8
million (August 2018: R27,9 million), mainly attributable to
increases in Broad-Based Black Economic Empowerment spend
amounting to R1,8 million more when compared to the prior period,
and a reduction in consulting fees amounting to R0,9 million.

Finance costs during the period reduced to R2,8 million (2018:
R3,9 million) due to the repayments made on the shareholder loans.
This has positively reduced the overall credit risk of the Group.

The Group ended the financial period with an attributable profit
from continuing operations of R11,4 million (August 2018: R2,1
million), resulting in basic earnings per share of 1,8 cents
(August 2018: 0,3 cents) and basic headline earnings per share of
1,5 cents (August 2018: 0,3 cents) from continuing operations.

SHORT-FORM STATEMENT
This short-form announcement is the responsibility of the
directors. It is only a summary of the information contained in
the full announcement and does not contain full or complete
details.

Any investment decision should be based on the full announcement
accessible from Monday, 21 October 2019, via the JSE link and also
available on the Company’s website at
http://brikor.co.za/Pages/Investor-Relations.asp

Copies of the full announcement may also be requested by
contacting Laura Craig by email at laura@brikor.co.za and are
available for inspection at the Company’s registered office at no
charge, weekdays during office hours.

The JSE link is as follows:
https://senspdf.jse.co.za/documents/2019/jse/isse/bik/INTRes19.pdf

21 October 2019
Nigel

Designated adviser
Exchange Sponsors

Date: 21/10/2019 03:15:00
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