Brait, an investment company based in South Africa, has reported a decrease in its net asset value (NAV) for the year ended March 2023, despite strong performance from its Virgin Active health club busines.
- Brait’s NAV declined by 5.3% to R20.52 ($1.38) per share, down from R21.67 ($1.46) per share in the previous year.
- The company attributed the decline in NAV to challenging market conditions and ongoing economic uncertainty in South Africa and globally.
- However, Brait’s Virgin Active business performed well during the year, with revenue growth of 7.5% and an increase in membership of 6.9%.
- The company has been working to restructure its portfolio and reduce debt, with a focus on its core businesses of Virgin Active and Premier Foods.
- Brait has also announced plans to sell its stake in Iceland Foods, a UK-based frozen food retailer, in order to further reduce debt and simplify its portfolio.
- The company’s management team has expressed optimism about the future, citing the strong performance of Virgin Active and other core businesses, as well as opportunities for growth in the African market.
- Brait is also exploring new investment opportunities in areas such as renewable energy and technology.