We recently announced our interim financial results for the six months ended 30 June 2022, and it was indeed a proud moment to present the excellent results delivered by our teams throughout the operations.
The Group's core operations comprising Port and Terminals, Logistics and Bank, delivered a trading profit of R1.1 billion, up 37% from the prior period and revenue of R3.1 billion, up by 31% from the prior period. Headline earnings from core operations increased by 53% to R529.1 million and cash generated from operations increased by 120% to R740.5 million.
The commendable results were underpinned by solid mineral and Agri commodity markets and continued good performance at Grindrod Bank on the back of good net interest margins.
The Freight Services division delivered successful projects in the first half of 2022, making a meaningful difference for our customers.
We now facilitate the movement of cargo through Eswatini to our facilities in Maputo, alleviating congestion at Komatiepoort.
On the back of the demand for minerals, we devised a short-term solution for our customers by expanding our dry-bulk facility in Maputo Port.
We recently celebrated the keel laying of a ferry, which, once built, will move cargo across Lake Victoria, promoting trade in the region.
Market conditions necessitated the team in northern Mozambique to act swiftly and divert the exportation of bagged graphite from Balama through Pemba rather than Nacala.
Our teams’ innovative thinking and drive make things happen even when faced with unexpected challenges. The fire in the Richard Bay port precinct in October last year, the floods in April, and the ship collision with the berth at our Matola terminal are examples of challenges that we have overcome, making our phenomenal results even more meaningful.
The future is exciting. We have been short-listed for two PSPs, and we are working hard to secure these projects.
I thank our customers and business partners for their continued support and to all Grindrod staff for pulling out all the stops to deliver these exceptional results.