Brimstone assets exceed R7 billion in H1 2014 - CNBC Africa

Brimstone assets exceed R7 billion in H1 2014


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Sea Harvest and Viyella, which is under House of Monatic, are a part of the Brimstone firm. PHOTOS: CRT Create/Marlborough People

Company revenue for the six months ended 30 June 2014 increased to 1.09 billion rand from 1.04 billion rand in the same period in 2013. Operating profit for the period also increased significantly to 104 million rand from 43.6 million rand in 2013.

“We are very pleased with this solid set of results, which was driven by positive fair market value adjustments of underlying investments, further acquisitions, and the efficient restructuring of financial arrangements. These corporate and investment activities all contributed positively to our financial results,” Brimstone CEO Mustaq Brey said in a statement.

[DATA BRT:Brimstone Investment Corporation Limited] is a South African investment company whose subsidiaries include Sea Harvest, Lion of Africa and House of Monatic.

(READ MORE: Brimstone reports drop in operating profit in the half year)

Profit before net finance costs also increased to 469.3 million rand from 242.9 million rand in the previous comparative year. Net profit before taxation was recorded at 391.2 million rand in 2014 from 210.1 million rand in 2013.

Profit for the period increased to 309.6 million rand from 165 million rand. Total assets for the period were recorded at 7.2 billion rand from 5.9 billion rand in 2013.

Basic headline earnings per share increased to 120.9 cents for the period from 61.7 cents in the previous year.  Headline earnings increased by 96 per cent to 295.8 million rand from 150.6 million rand in 2013.

(READ MORE: Brimstone BEE partnership with Grindrod worth 1.6 billion rand)

Revenue for Brimstone’s fishing segment was recorded at 677.5 million rand for the period, followed by insurance at 203.1 million rand, investments at 129 million rand and clothing at 82.6 million rand.

Brimstone’s associates include Oceana, Aon Re Africa, and the Scientific Group, and its investments include Life Healthcare, MTN Zakhele, Nedbank and Taste Holdings.

Intrinsic net asset value of Brimstone also increased steadily to 4.5 million rand from 4.1 million rand in 2013.

“Brimstone is well positioned to pursue value enhancing transactions. The company has a strong balance sheet and management will continue to seek opportunities that will create long-term value for its shareholders,” said Brimstone.