The group declared a 30c dividend after suspending dividends during the pandemic. Picture: Henk Kruger, Cape Argus.
BRIMSTONE, whose anchor investments are Sea Harvest and Oceana Group, yesterday said its net asset value per share had increased after its investments recovered from Covid-19 in the year to end December.
The JSE-listed, black-controlled and managed investment holding company said its intrinsic net asset value per share rose 1.1 percent to R13.14.
The company said its ordinary shares traded at a discount of 52 percent respective to the intrinsic net asset value of the underlying investment portfolio.
The group declared a 30c dividend, this after suspending dividends during the Covid-19 pandemic.
Headline earnings per share increased by 586 percent to R2.99, boosted in part by an upward revision of its underlying investments. The group also cut debt by R1.2 billion.
“The profit from continuing operations is mainly due to strong performances by certain subsidiaries, the upward revaluation of investments, an increase of R103.6 million in the share of profits of associates, and joint ventures and a significant reduction of R181.6m in finance costs,” the company said.
Sea Harvest proved its resilience by raising revenue 5 percent to R4.6bn after benefiting from good performances from the South African Fishing segment and the Australian operations.
Obsidian, a supplier of innovative healthcare solutions to the private and public healthcare sectors in sub-Saharan Africa, contributed R20.7m to group profit from R6.9m a year earlier.
“Although elective surgery case loads have improved throughout 2021, they were still negatively impacted by the varying degrees of Covid-19 lockdown regulations and restrictions within hospital theatres. The result being that Obsidian’s product portfolios relating to elective surgeries underperformed compared to budget and pre Covid-19 sales levels," the group said.
Equites Property’s share price closed at R22.99 per share during the review period, up from R17.37 a year before. The investment was revalued upwards by R78.4m to R320.9m at year-end.
MTN Zakhele Futhi’s share price closed at R31 a share, up from R9.67. “The investment was revalued upwards by R38.8m to R56.4m,” the group said.
Phuthuma Nathi’s share price closed at R134.95 a share, up from R118.75. The investment was revalued upwards by R30.7m to R255.8m.
STADIO’s share price closed at R3.75 per share, up from R1.95 per share on 31 December 2020. “The investment was revalued upwards by R78.4m to R163.4m at year-end. Brimstone expected to receive a dividend of R2m from STADIO in May.”
dieketseng.maleke@inl.co.za
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