National Property Portfolio on Auction

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Brimstone's profits double

March 6 2013 at 08:00am

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The defensive businesses in its portfolio and generous dividends from underlying investments almost doubled Brimstone’s profit for the year to last December. The group said yesterday that headline earnings jumped 96 percent to R844 million. Basic headline earnings a share rose to R3.46 from R1.76 in 2011. Net profit before tax was R1.1 billion, almost double the R598m for the year before. Brimstone attributed the performance to increased value of marked-to-market assets and better profitability from underlying operating units. The investment holding firm would continue to invest in companies with proven management as it remained well capitalised to pursue value-enhancing transactions. In the year, Brimstone’s total assets rose to R5.7bn from R4.6bn. Net asset value rose to R2.8bn from R2bn, translating to a net asset value a share of R11.53. The group declared a final dividend of 25c a share for the year. The shares leapt 6.43 percent to R14.90. – Londiwe Buthelezi


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