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BRIMSTONE INVESTMENT CORPORATION LIMITED - Consolidated Financial Results for the year ended 31 December 2023 and Cash Dividend Declaration

Release Date: 06/03/2024 11:12
Code(s): BRN BRT     PDF:  
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Consolidated Financial Results for the year ended 31 December 2023 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")




- Revenue up 5.1% to R6.5 billion (2022: R6.2 billion) 

- Earnings per share up 54% to 117.9 cents (2022: 76.6 cents)

- Headline earnings per share up 4% to 71.6 cents (2022: 69.0 cents) 

- Dividend declared of 40 cents per share (2022: 33 cents)


The year under review was characterised by high inflation, a weaker Rand 

and high interest rates. Continued load shedding and pressure in the 

domestic transport network, in particular the ports, have weighed heavily 

on the economy. The high unemployment rate continued to impact consumer 

spending in an environment where the consumer was already under pressure.

Operating conditions remained challenging and we expect that the current 

headwinds of slow economic growth, high inflation and Rand weakness will 

persist over the medium term.

Despite the operating environment, the Group reported a profit for the year 

under review of R421.9 million (2022: R324.5 million), mainly due to a 

strong performance by major associate, Oceana Group Limited, which 

contributed R366.4 million, an increase of R171 million compared to the 

prior year.

Subsequent to year end, the Group implemented its debt reduction strategy, 

by disposing or partially disposing of certain investments. Net proceeds 

of R307.5 million, was utilised to pay-down debt. This process is ongoing 

and is aimed at significantly reducing Brimstone's gearing.

Enhancing shareholder returns remains a focus for the Board and management, 

hence the Group repurchased 4.1 million Ordinary and "N" Ordinary shares 

for R21.6 million during the year. In addition, a further 1.5 million 

"N" Ordinary shares were repurchased for R7.2 million, subsequent to 

year end.

Intrinsic net asset value (INAV)

INAV at 31 December 2023 calculated on a line-by-line basis, totalled 

R2.98 billion, or R12.13 per share (31 December 2022: R3.29 billion or 

R13.25 per share), representing a decrease of 9.4% from 2022 (a decrease 

of 8.4% on a per share basis). As at 31 December 2023, Brimstone Ordinary 

shares were trading at a discount of 57.9% to INAV (31 December 2022: 60.3%) 

and "N" Ordinary shares traded at a discount of 60.0% to INAV 

(31 December 2022: 57.5%). The analysis of INAV is available on the 

Company's website at

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 2022.

Declaration of cash dividend

Brimstone's board has declared a final gross dividend of 40 cents per share 

for the year ended 31 December 2023 (2022: 33 cents) payable on Monday, 

15 April 2024. The final dividend has been declared out of income reserves. 

In compliance with the requirements of Strate, the Company has determined 

the following salient dates for the payment of the final dividend:

Dividend declaration date                           Wednesday, 6 March 2024

Last day to trade cum dividend                        Tuesday, 9 April 2024

Shares commence trading ex dividend                Wednesday, 10 April 2024

Record date                                           Friday, 12 April 2024

Payment date                                          Monday, 15 April 2024

Shares may not be rematerialised or dematerialised from Wednesday, 

10 April 2024 to Friday, 12 April 2024, both days inclusive.

The final dividend is subject to a local Dividends Tax at 20%. The final 

net local dividend amount is 32 cents per share for shareholders liable 

to pay Dividends Tax and 40 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.

F Robertson                   MA Brey

Executive Chairman            Chief Executive Officer

6 March 2024

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 2023 published on the JSE cloudlink at: 

It is also available for viewing at 

Copies of the consolidated financial results may be requested from the 

Company Secretary ( 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)*, MI Khan (Chief Operating 

Officer)*, T Moodley*, PL Campher (Lead Independent), M Hewu, N Khan, 

M Ndlovu, LA Parker, FD Roman, L Wort *Executive

Company Secretary: T Moodley



Date: 06-03-2024 11:12:00
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