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Brimstone, one of SA's oldest listed empowerment groups, says its confident about its investment choices despite a slump in profits in 2022, opting on Tuesday to raise its dividend by double digits, while its share buybacks will continue.
The investment holding company, valued at R1.66 billion on the JSE, has interests including education, health, fishing and property, and it reported on Tuesday that profit fell almost two thirds in its year to end-December to R324.5 million, hit by higher fuel and freight costs, as well as load shedding and supply-chain difficulties.
Intrinsic net asset value per share rose 1% to R3.29 billion, but fair-value gains fell about R239 million to R34 million. The discount at which the group's ordinary shares trade widened to 60.3% at period end, from 52.1% a year previously. The company, however, upped its dividend by 10% to 33c.
