BRIMSTONE INVESTMENT CORPORATION LIMITED - Unaudited interim results for the six months ended 30 June 2022

Unaudited interim results for the six months ended 30 June 2022

Brimstone Investment Corporation Limited
ISIN Number: ZAE000015277
Share Code: BRT
ISIN Number: ZAE000015285
Share Code: BRN
Company Registration Number: 1995/010442/06
(Incorporated in the Republic of South Africa)
("Brimstone" or "the Company" or "the Group")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022

FINANCIAL OVERVIEW
                                                       RESTATED*
R'000                                   UNAUDITED     UNAUDITED      AUDITED
                                          FOR THE       FOR THE      FOR THE
                                       SIX MONTHS    SIX MONTHS         YEAR
                                            ENDED         ENDED        ENDED
                                      30 JUN 2022   30 JUN 2021  31 DEC 2021

Revenue                                 2 857 910     2 298 784    5 054 739 
- Continuing operations                 2 857 910     2 303 305    5 054 726 
- Discontinued operation                        -        (4 521)          13 

Operating profit                          279 349       290 328      711 951 
- Continuing operations                   279 349       299 674      695 091 
- Discontinued operation                        -        (9 346)      16 860 

Earnings per share                           10.3          97.9        292.3 
- Continuing operations                      10.3         101.6        229.3 
- Discontinued operation                        -          (3.7)        63.0 

Headline earnings per share                  10.1         100.8        298.9 
- Continuing operations                      10.1         104.5        236.0 
- Discontinued operation                        -          (3.7)        62.9 

Total assets                           11 218 366     9 540 544   10 498 264

* Restatement due to disposal of subsidiary, Lion of Africa Insurance
  Company Limited, being classified as a discontinued operation.

INTRINSIC NET ASSET VALUE (INAV)

INAV at 30 June 2022 calculated on a line-by-line basis, totalled 
R2.66 billion, or R10.71 per share (31 December 2021: R3.26 billion or 
R13.14 per share), representing a decrease of 18.4% from 2021 (a decrease of 
18.5% on a per share basis). As at 30 June 2022, Brimstone Ordinary shares 
were trading at a discount of 34.3% to INAV (31 December 2021: 52.1%) and 
"N" Ordinary shares traded at a discount of 44.0% to INAV (31 December 2021: 
50.6%). The analysis of INAV is available on the Company's website at 
www.brimstone.co.za.

The INAV information presented in this report has been prepared on a basis 
consistent with that used in the Integrated Report for the year ended 
31 December 2021.

DIVIDEND

In line with the prior period, no interim dividend has been declared.

F Robertson                  MA Brey
Executive Chairman           Chief Executive Officer

30 August 2022

About this Announcement
This short-form announcement is the responsibility of the directors of 
Brimstone Investment Corporation Limited. It is only a summary of the 
information in the unaudited interim results and does not contain full or 
complete details. Any investment decisions by investors and/or shareholders 
should be based on consideration of the unaudited interim results for the 
six months ended 30 June 2022 published on the JSE at 
https://senspdf.jse.co.za/documents/2022/jse/isse/BRT/ie2022.pdf.

It is also available for viewing at 
www.brimstone.co.za/investor-relations/results-reports/.

Copies of the unaudited interim results may be requested from the company 
secretary (tmoodley@brimstone.co.za or tel +27 (0) 21 683 1444).

This announcement has not been audited or reviewed by the Group's external 
auditors.

DIRECTORATE AND ADMINISTRATION

Registered office: Boundary Terraces, 1 Mariendahl Lane, Newlands, 7700, 
Cape Town

Transfer Secretaries: Computershare Investor Services (Pty) Ltd, 
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196

Sponsor: Nedbank Corporate and Investment Banking, a division of 
Nedbank Limited, 135 Rivonia Road, Sandton, 2196

Directorate: F Robertson (Executive Chairman)*, MA Brey (Chief Executive 
Officer)*, GG Fortuin (Financial)*, MI Khan (Chief Operating Officer)*, 
T Moodley*, PL Campher (Lead Independent), M Hewu, N Khan, KR Moloko, 
M Ndlovu, LA Parker, FD Roman, L Wort *Executive 

Company Secretary: T Moodley

Website: www.brimstone.co.za

E-mail: info@brimstone.co.za


Date: 30-08-2022 08:00:00
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