IMPROVED PERFORMANCE
Upbeat Brimstone increases dividend
Results shows Brimstone’s intrinsic net asset value is up 23%
Enduring empowerment group Brimstone Investment Corporation, which listed in the late 1990s with money raised largely from community shareholders, has hiked its dividend by a confident 20% to 42c per share for the year ended December. This is the company’s 15th consecutive dividend. Results released on Monday showed Brimstone’s intrinsic net asset value – the key performance gauge for an investment firm — rose 23% to R5.13bn or R21.40 per share. Brimstone’s biggest listed investments are in fishing group Oceana, private hospitals specialist Life Healthcare and logistics conglomerate Grindrod as well as majority shareholdings in unlisted entities like fishing group Sea Harvest (set for a separate listing in March) and short-term insurer Lion of Africa. The financial performance was driven by a marked increase in operating profit of R273m thanks to improved results from Lion of Africa and a strong contribution from Sea Harvest. The improved showing by 100%-owned Lion of Africa was the...
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