Brimstone keeps dividend steady, may beat its debt cutting target.
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GUEST - Mustaq Brey – CEO of Brimstone
Brimstone today released its Group results for the year ended 31 December 2024. Brimstone reported Headline Earnings per share of 108 cents, up 51% from the prior year. However, due to the deconsolidation of Sea Harvest following the Terrasan transaction, a loss on deemed disposal of R562.1 million was recognised, resulting in a loss per share for the year.
The Group fully disposed of its investments in Milpark, STADIO and Equites, and partially disposed of its investments in Phuthuma Nathi and MTN Zakhele Futhi for a total consideration of R673.6 million, in line with its stated objective to reduce debt through disposals.
During the year, R516.8 million was used to repay debt and at year end the Group’s long-term debt was R1.7 billion, down from R2.2 billion at prior year end. The debt-reduction process is ongoing and the Group is on track to meet its own target of reducing debt by R600 million by the end of 2025. Enhancing shareholder returns remains a focus for the Board and management, and the Group repurchased 4.5 million shares for R21.7 million during the year. A further 861 325 shares were repurchased for R4.3 million subsequent to the year end.
Brimstone today released its Group results for the year ended 31 December 2024. Brimstone reported Headline Earnings per share of 108 cents, up 51% from the prior year. However, due to the deconsolidation of Sea Harvest following the Terrasan transaction, a loss on deemed disposal of R562.1 million was recognised, resulting in a loss per share for the year.
The Group fully disposed of its investments in Milpark, STADIO and Equites, and partially disposed of its investments in Phuthuma Nathi and MTN Zakhele Futhi for a total consideration of R673.6 million, in line with its stated objective to reduce debt through disposals.
During the year, R516.8 million was used to repay debt and at year end the Group’s long-term debt was R1.7 billion, down from R2.2 billion at prior year end. The debt-reduction process is ongoing and the Group is on track to meet its own target of reducing debt by R600 million by the end of 2025. Enhancing shareholder returns remains a focus for the Board and management, and the Group repurchased 4.5 million shares for R21.7 million during the year. A further 861 325 shares were repurchased for R4.3 million subsequent to the year end.
