Crookes Brothers’ H1 2023 Financial Surge: 17% Revenue Growth, 266% Earnings Surge, and Strategic Dividend Move Unveiled

  • Crookes Brothers reports a 17% surge in revenue, reaching R’000 490,758 for H1 2023.
  • Operating profit before biological assets soars by 67%, totaling R’000 150,275.
  • Positive shifts in biological asset values contribute to a remarkable 1,123% increase in operating profit.
By Lethabo Ntsoane

Crookes Brothers Limited, a key player in the South African market, recently released its interim results for the six months ending 30 September 2023, showcasing a resilient financial performance in a dynamic economic landscape.

Revenue Surges by 17%

Crookes Brothers reported a substantial growth in revenue, reaching R’000 490,758 for the six months ending September 2023. This represents a notable 17% increase compared to the same period in 2022.

Operating Profit Before Biological Assets Soars

The company’s operating profit before biological assets experienced a remarkable surge, reaching R’000 150,275, a substantial 67% increase from the R’000 90,080 reported in the corresponding period last year.

Biological Assets See Positive Change in Fair Value

Crookes Brothers witnessed a positive shift in the fair value of biological assets, with a change of R’000 (42,187). This contrasts with the previous year’s R’000 (81,242), reflecting a noteworthy 48% improvement.

Strong Operating Profit After Biological Assets

The operating profit after accounting for biological assets reached an impressive R’000 108,088, indicating a significant jump compared to the R’000 8,838 reported in the same period in 2022, marking a remarkable 1,123% increase.

Finance Costs Decline by 73%

Finance costs for the company decreased by 73%, amounting to R’000 (28,986) compared to R’000 (16,738) in the first half of 2022, showcasing the company’s effective cost management.

Profit for the Period Shows Remarkable Growth

Crookes Brothers reported a profit of R’000 76,567 for the period, a substantial increase compared to the R’000 (25,552) loss incurred during the same period in 2022, reflecting a remarkable 400% improvement.

Headline Earnings Surge by 266%

Headline earnings also experienced a substantial surge, reaching R’000 49,031, a stark contrast to the R’000 (29,567) loss reported in the first half of 2022, marking an impressive 266% increase.

Shareholders’ Equity Experiences a 9% Decline

While the company showed robust financial performance, there was a 9% decline in shareholders’ equity, dropping from R’000 1,220,213 in September 2022 to R’000 1,105,938 in September 2023.

Cash Generation Skyrockets by 287%

The cash generated from operations exhibited a significant increase, soaring to R’000 111,901, a substantial 287% surge compared to R’000 28,902 reported in the first half of 2022.

Earnings per Share Reflects Strong Performance

Crookes Brothers reported robust earnings per share (EPS) for the period, with basic earnings per share standing at 326.8 cents and headline earnings per share at 321.2 cents.

Net Asset Value per Share Declines by 9%

The net asset value per share experienced a modest decline, falling from 7,994 cents in September 2022 to 7,245 cents in September 2023, reflecting a 9% decrease.

No Interim Dividend Declared

In a strategic move, the Board of Crookes Brothers decided not to declare an interim dividend for the six-month period ending 30 September 2023, aligning with the company’s broader financial strategy.

Accessing the Full Announcement

While this article provides a summary of Crookes Brothers’ interim results, investors are encouraged to delve into the full announcement for a comprehensive understanding of the company’s financial performance. The full announcement is available on the company’s website 1 and the JSE website 2.


Crookes Brothers Limited’s interim results for H1 2023 underscore the company’s resilience and adaptability in a dynamic economic environment. The significant growth in revenue, operating profit, and positive changes in biological asset values demonstrate the effectiveness of the company’s strategic initiatives. While shareholders’ equity experienced a decline, the strong cash generation and robust earnings per share highlight a solid financial foundation. The Board’s decision not to declare an interim dividend signals a focus on reinforcing financial strength and strategic investments.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: Twitter: @NtsoaneLethabo