Crookes Brothers hold back dividend as profits drop

Agricultural group Crookes Brothers has opted to hold its dividend for  the year to end-March after a poor performance from its macadamia and deciduous fruit divisions. The group which has agricultural operations in SA, Mozambique, Zambia  and Eswatini said on Monday that headline earnings per share (HEPS) dropped by 133% to 48.5c during the period.

Operating profit after biological assets decreased by 28% to R56.5m largely due to the underperformance of the macadamia and deciduous fruit divisions.

“Adverse movement in the fair value of biological assets in these divisions of some R60.9m resulted in a charge to the income statement which exacerbated the disappointing results,” the company said.

“Despite the uncertainty surrounding the severity of the ultimate effects which Covid-19 might have on economic activity and disposable income, we look forward to an improved performance from our sugar cane, deciduous fruit and macadamia divisions in the year ahead,” the company said.


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