Brikor CEO Garnett Parkin
Construction materials provider Brikor reported a profit before earnings from its associate of R13.1-million for the six months ended August 31, compared with a loss of R1.7-million in the first six months of the prior financial year.
“The R13.1-million profit achieved reflects profit before earnings from Brikor’s associate, Zingaro Holdings, in which Brikor holds 40% of the shares. The investment in this associate contributed R7.2-million to the profit for the reporting period," Brikor CEO Garnett Parkin explains.
The company posted earnings a share of 2.5c, compared with a loss a share of 0.1c for the prior comparable period.
The bricks segment reported operating profit before interest and taxation of R17.1-million and the coal segment realised R9.8-million for the 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.”
Administrative expenses increased as a result of the acquisition of securities by Nikkel Trading 392 and a subsequent offer to minority shareholders, as well as the contract mining and coal offtake agreement.
No dividends were declared for the period.
Brikor is listed on the AltX of the JSE and is a diverse manufacturer and supplier of building and construction materials across a broad spectrum of the market from low-cost housing and residential to commercial, industrial and infrastructure projects.
The group operates through two segments, namely bricks and coal – the latter being through its subsidiary, Ilangabi Investments 12.