Monday, 20 November 2023: Manufacturer and supplier of bricks and coal, Brikor Limited (JSE: BIK) reported a profit before earnings from its associate of R13,1 million for the six months ended 31 August 2023, compared to a loss of R1,7 million in the first six months of the previous reporting period. Earnings per share for the period is 2,5 cents per share compared to 0,1 cents per share for the previous corresponding period.
The bricks segment reported operating profit before interest and taxation of R17,1 million (H1 F2023: R12,1 million) and the coal segment realised R9,8 million for the period.
Brikor CEO, Garnett Parkin says, “The R13,1 million profit achieved reflects profit before earnings from Brikor’s associate, Zingaro Holdings (Pty) Ltd in which Brikor holds 40% of the shares. The investment in associate contributed R7,2 million to the profit for the reporting period.
The bricks segment performed at exceptional levels, improving revenue by 16,6% to R132,5 million. The coal segment maintained sales quantities and reported higher revenue on account of increased selling prices.”
There was an increase in administrative expenses attributed to the acquisition of securities by Nikkel Trading 392 (Pty) Ltd and a subsequent offer to minority shareholders as well as the contract mining and coal off-take agreement. No dividends were declared for the six months ended 31 August 2023.