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As we approach the end of 2024, I would like to take the opportunity to express my gratitude to our customers for placing their trust in us and to our business partners and stakeholders for your continued support.
To the Grindrod team, I once again would like to thank you sincerely. I am proud of our efforts and achievements and the hardworking, dedicated, and passionate people throughout all 21+ countries of our Grindrod operations.
This has been quite a year. The world and markets have changed significantly over the past 12 months – and so too has our work evolved to respond to some of the global challenges we face.
I would like to welcome Andile Khumalo and Raymond Ndlovu, who were appointed to the board on November 1, 2024. Your insights are highly valued and appreciated.
We have ended the year on a high; being ranked second in the Sunday Times Top 100 Companies is a tremendous honour. This achievement would not have been possible without the support of our customers, Grindrod team, business partners, and key stakeholders. I sincerely thank you.
I would like to highlight several strategic milestones that have been pivotal to our growth trajectory.
The Government of Mozambique has extended the Port of Maputo concession, in which Grindrod holds a 24.7% stake until 2058, affirming the strong partnerships we have forged over the years.
Our planned acquisition of the remaining 35% stake in TCM for US$77 million underscores Grindrod's commitment to enhancing its terminal operations, which will boost our annual capacity to over 7 million tonnes and reinforce our integrated logistics capabilities.
Additionally, Grindrod's focus on rail logistics is evident through the successful return of thirteen locomotives from Sierra Leone, where our operations demonstrated proficiency in heavy-haul logistics. The company is also enhancing its service offerings through new partnerships with rail authorities, ensuring sustainable cargo flows for the benefit of all stakeholders.
Grindrod has been selected by the Transnet National Ports Authority to operate its first full-scale container handling facility at the Port of Richards Bay, significantly increasing the area's handling capacity and setting the stage for regional economic growth.
To focus on our core operations, we have executed significant divestments of non-core assets, raising R500 million from selling property-backed loans receivable to African Bank.
Our goals are ambitious as we prepare to expand our business, focusing on key strategic initiatives and delivering integrated logistics solutions. Our successes are a testament to the unwavering support from all our customers and people and to valued partnerships. I look forward to continuing to work with all our stakeholders.
As we enter the festive season, I wish you all happy holidays and a joyous, safe, and blessed time with your loved ones.