BRIKOR LIMITED - Financial results for the year ended 28 February 2023 short-form announcement

Financial results for the year ended 28 February 2023 – 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 28 FEBRUARY 2023 – SHORT-FORM 
ANNOUNCEMENT

FINANCIAL HIGHLIGHTS
                                         28 Feb   28 Feb
                                           2023     2022        %
                                            R’m      R’m   change 
Revenue                                   311,7    272,7     14,3 
Earnings before Interest, Taxation, 
Depreciation, Amortisation, 
Impairments and Earnings from Associate    24,7     10,3    139,8                            
Basic earnings per share (cents)           (0,7)     0,3   (333,3) 
Headline earnings per share (cents)        (0,1)     1,1   (109,1)   
Net asset value per share (cents)          12,9     13,7     (5,8) 
Net tangible asset value per share (cents)  9,8     10,2     (3,9) 

Note: No dividends have been declared for the year ended 28 
February 2023 or 28 February 2022.

FINANCIAL OVERVIEW
Revenue increased to R311,7 million (F2022: R272,7 million) for 
the reporting period, with the Group realising a loss before 
earnings from its associate of R4,7 million (F2022: loss of R3,2 
million). The investment in associate contributed a loss of R1,2 
million (F2022: profit of R6,1 million) to the loss for the 
reporting period, resulting in a total comprehensive loss for the 
year attributable to owners of the Company of R5,9 million (F2022: 
profit of R2,8 million).

BRICKS SEGMENT
Revenue in the Bricks segment increased by 8,5% to R211,6 million 
(F2022: R195,1 million). The Bricks segment continued to perform 
at exceptional levels during the reporting period. The increased 
revenue is mainly due to a continued increase in DIY projects, 
additions and alterations as well as an increase in commercial and 
residential construction projects. Adequate planning, sufficient 
inventory levels and efficiencies in the production process 
continued to drive an increase in saleable product, which have 
also contributed to the good performance. 

COAL SEGMENT
Revenue in the Coal segment, after deducting intersegment revenue, 
increased by 29% to R100,1 million (F2022: R77,6 million). Sales 
in the Coal segment showed an upward trend in comparison to the 
2022 reporting period, specifically during the second half of the 
2023 financial year. A core focus during the reporting period has 
been to ensure that sufficient coal stock is available to meet 
sales demand, which contributed significantly to the 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 R9,9 million (F2022: operating loss 
before interest taxation and earnings from associate of R0,3 
million). The Bricks segment realised an operating profit before 
interest and taxation of R15,7 million (F2022: R12,5 million), 
whilst the Coal segment realised an operating loss before interest 
and taxation of R5,8 million (F2022: R12,8 million). 

Other income, administrative expenses, distribution and other 
expenses remained in line with the previous reporting period. 

OUTLOOK
Given the performance of the Coal segment during the 2022 
financial year and current reporting period, the directors are 
pleased to report that the Coal segment has shown significant 
improvement, specifically in the second half of the reporting 
period. Sales in the Coal segment continue to show an upward trend 
in comparison to the 2022 reporting period and sales orders are 
increasing on a daily basis. The Group will continue to focus on 
availability of coal stock to meet sales demand as well as 
securing future orders. 

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

The Board remains confident about the potential which can be 
unlocked from the Group in order to create value for stakeholders 
and capitalise on synergies between various entities within 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. It is only a summary of the information contained in 
the full announcement and does not contain full or complete 
details.

Any investment decision should be based on the full announcement 
accessible from 31 May 2023, via the JSE link and also available 
on the Company’s website at
https://brikor.net/wp-content/uploads/2023/05/YERes23.pdf

Copies of the full announcement 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.

The JSE link is as follows: 
https://senspdf.jse.co.za/documents/2023/jse/isse/bik/YERes23.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, is available on 
the Company’s website on
https://brikor.net/wpcontent/uploads/2023/05/BrikorAFS2023.pdf 


31 May 2023 
Nigel

Designated Adviser 
Exchange Sponsors

Date: 31-05-2023 03:06:00
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