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BRIKOR LIMITED - FINANCIAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2024 SHORT-FORM ANNOUNCEMENT

Release Date: 31/05/2024 13:13
Code(s): BIK     PDF:  
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FINANCIAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2024 – SHORT-FORM
ANNOUNCEMENT

BRIKOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013247/06)
JSE Share code: BIK ISIN: ZAE000101945
("Brikor" or the "Company")

FINANCIAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2024 – SHORT-FORM
ANNOUNCEMENT

FINANCIAL HIGHLIGHTS

                                         29 Feb   28 Feb
                                           2024     2023        %
                                            R'm      R'm   change
Revenue                                   350,5    311,7     12,4
Earnings before interest, taxation,
depreciation, amortisation,
impairments and earnings from associate    48,3     24,7     95,5
Basic earnings per share (cents)            1,0     (0,7)   242,9
Headline earnings per share (cents)         1,3     (0,1) 1 400,0
Net asset value per share (cents)          13,9     12,9      7,8
Net tangible asset value per share (cents) 11,6      9,8     18,4

Note: No dividends have been declared for the years ended 29
February 2024 or 28 February 2023.

FINANCIAL OVERVIEW
Revenue increased to R350,5 million (F2023: R311,7 million) for
the reporting period, with the Group realising a profit before
earnings from its associate of R4,7 million (F2023: loss of R4,7
million). The investment in associate contributed income of R3,5
million (F2023: loss of R1,2 million) to the profit for the
reporting period, resulting in total comprehensive income for the
year attributable to owners of the Company of R8,2 million (F2023:
loss of R5,9 million).

BRICKS SEGMENT
Revenue in the Bricks segment increased by 6,8% to R226,0 million
(F2023: R211,6 million). The Bricks segment continued to perform
at exceptional levels during the reporting period. The increase in
revenue was a direct result of inflationary increases in selling
prices of bricks with sales quantities being in line with the
previous reporting period. Adequate planning, sufficient inventory
levels and continued focus on efficiencies in the production
process continued to contribute to the availability of saleable
product.

COAL SEGMENT
Revenue in the Coal segment, after deducting intersegment revenue,
increased by 24,4% to R124,5 million (F2023: R100,1 million). The
increase in revenue is as a result of the implementation of the
Coal Mining and Coal Purchase Agreement, effective 1 November
2023. In terms of the agreement all coal mined by the service
provider is also sold to the service provider and hence the
resultant increase in revenue.

OPERATING PROFIT BEFORE INTEREST, TAXATION AND EARNINGS FROM
ASSOCIATE
The Group realised an operating profit before interest, taxation
and earnings from associate of R23,8 million (F2023: R9,9
million). The Bricks segment realised an operating profit before
interest and taxation of R24,5 million (F2023: R15,7 million),
whilst the Coal segment realised an operating loss before interest
and taxation of R0,6 million (F2023: R5,8 million).

Other income, administrative expenses, distribution and other
expenses increased by 13,8% to R46,2 million (F2023: 40,6
million).

OUTLOOK
The directors are pleased to report on the exceptional performance
of the Group during a time of increased economic uncertainty,
rising inflation rates and associated cost.

The Bricks segment is still performing exceptionally and the
outlook for the remainder of the year remains positive.

The Coal segment is managed in terms of the Coal Mining and
Purchase Agreement and the directors remain confident that the
transaction would continue to add value to the Coal segment.

The Board remains confident about the potential which can be
unlocked from the Group.

Any forward-looking statements have neither been reviewed nor
reported on by the Group's auditors, Nexia SAB&T.

SHORT-FORM STATEMENT
This short-form announcement is the responsibility of the
directors.

Any investment decision should be based on the audited Annual
Financial Statements accessible from 31 May 2024 via the JSE link
on:
https://senspdf.jse.co.za/documents/2024/jse/isse/bik/AFS24.pdf

The Annual Financial Statements including the audit opinion of the
external auditor, Nexia SAB&T, which sets out the key audit
matters and the basis for its unmodified opinion, are available on
the Company's website on
https://brikor.net/wpcontent/uploads/2024/05/BrikorAFS2024.pdf

Copies of the Annual Financial Statements may also be requested by
contacting Ms Joaret Botha by email at joaret@brikor.net and are
available for inspection at the Company's registered office at no
charge, weekdays during office hours.
31 May 2024
Nigel

Registered address: 1 Marievale Road, Vorsterskroon, Nigel, 1490
(PO Box 884, Nigel, 1490)
Telephone: 011 739 9000
Facsimile: 011 739 9021

Directors: Mr Allan Pellow (Chairperson)*, Ms Mamsy Mokate (Lead
Independent Director)*, Mr Garnett Parkin (Chief Executive
Officer), Ms Joaret Botha (Financial Director), Mr Michiel
Laubscher#, Ms Funeka Mtsila*, Mr Steve Naudé*, Mr Corné
Oberholzer#, Mr Joe van Rensburg (Executive Director: Mining)
* Independent Non-Executive   # Non-Executive

Company Secretary: Fusion Corporate Secretarial Services (Pty) Ltd
Designated Adviser: Exchange Sponsors (2008) (Pty) Ltd

Auditors: Nexia SAB&T

Transfer Secretaries: JSE Investor Services (Pty) Ltd

Preparer: Ms Bianca Saunders CA(SA), Financial Manager, under the
supervision of Ms Joaret Botha CA(SA), Financial Director

www.brikor.co.za

Date: 31-05-2024 01:13:00
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