Brimstone CEO Mustaq Brey on H1 results, why now is the time to buy local

Brimstone Investment, a South African investment company, recently reported a loss of R129.6 million in its interim results due to the impact of COVID-19 on its subsidiaries and investee companies. Despite the challenging economic climate, CEO Mustaq Brey remains optimistic about the future and emphasizes the importance of supporting local industries to stimulate economic recovery. In a recent interview with CNBC Africa, Brey highlighted the need for individuals to buy local products and invest in the growth of South Africa's economy. He expressed concern about the struggling clothing industry and urged consumers to prioritize purchasing local goods to help sustain jobs and rebuild the country's economy. Brey also underscored the significance of domestic tourism as a means of boosting the local economy and supporting businesses that have been impacted by the pandemic. While acknowledging the government's efforts to promote buying South African products and implementing infrastructure projects, Brey called for more tangible support for businesses to facilitate their recovery and growth. He shared examples of challenges faced by Brimstone's subsidiaries, including difficulties in receiving orders for locally produced masks despite efforts to pivot production to meet demand. In contrast, the fishing industry experienced relative success during the pandemic, with companies like Ciomas maintaining operations and supporting coastal communities. Brey highlighted the need for strategic adaptation in marketing strategies to address evolving consumer behaviors and market conditions. He emphasized the importance of diversification and debt reduction to strengthen Brimstone's financial position and prepare for future opportunities. Looking ahead, Brey expressed confidence in the resilience of export markets and anticipated a gradual recovery in the coming months. He underscored the importance of staying agile and responsive to changing market dynamics to navigate the post-pandemic landscape effectively. Despite the challenges faced by various sectors, Brey remains committed to promoting local industries and contributing to the economic revitalization of South Africa.