Brimstone pleased with debt reduction efforts as it eyes SA's disappointing prospects

Brimstone Investment Holdings, one of SA's oldest empowerment companies, is pressing ahead with a "rest and grow" strategy to rapidly cut debt as it eyes SA's chaotic ports, generally dysfunctional infrastructure, and high borrowing costs.

Brimstone is now more than halfway with plans to cut its debt by R600 million by 2025, CEO Mustaq Brey said on Wednesday. He added he views it as a personal challenge to achieve the target in 2024, or a year early, with the company selling off non-core assets as it eyes the prospect of elevated interest rates for SA, which just recently avoided a technical recession.

The investment holding company reported on Wednesday that its profit for the year to end-December rose 30% to R421.9 million largely due to a strong performance by its major associate Oceana Group, the largest fishing company in Africa.