Brimstone CEO on how the business is responding to COVID-19 headwinds
Brimstone's headline loss per share has widened 13.5 per cent. The investment holding company incurred Covid-19 related expenditure of approximately R40 million during the year under review. The company has repaid more than R1 billion in debt. Brimstone CEO, Mustaq Brey joins CNBC Africa for more.
Wed, 03 Mar 2021 15:56:43 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Brimstone's diversified portfolio shielded it from severe impacts, with successes in fishing and healthcare segments while facing challenges in the clothing division.
- Provisions for impairments were made in assets at House of Monatic, indicating the company's strategic response to the downturn in this sector.
- Brimstone focused on enhancing liquidity by selling stakes in other sectors and trimming excess costs to position itself for future opportunities in the post-pandemic business environment.
Brimstone, an investment holding company, has faced a challenging year with a widened headline loss per share by 13.5%. The CEO, Mustaq Brey, shared insights on how the company navigated the COVID-19 pandemic's impacts, with both successes and struggles in different sectors. The fishing and healthcare segments, including companies like Sea Harvest and Obsidian Healthcare, fared well as essential services. On the other hand, the clothing division, represented by House of Monatic, faced a significant downturn, with a 57% decrease in turnover. The company had to make provisions for impairments in the assets of House of Monatic, resulting in a somber chapter for this part of their business. However, the CEO highlighted ongoing negotiations with a potential buyer to take over production facilities at House of Monatic, aiming to save 300 jobs and steer the business towards recovery. Furthermore, discussions included selling stakes in other sectors to enhance liquidity and improve debt ratios, positioning Brimstone for future opportunities in the evolving business landscape post-COVID-19.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.
