OUR EXTERNAL ENVIRONMENT
Extraordinary efforts by our employees to take advantage of favourable mining commodity markets saw exceptional outcomes in the face of challenging socioeconomic events and the ongoing impacts of the pandemic during 2021.CHairman's message
Our strategy continues to bring about successful outcomes, underpinned by the Freight Services focus to provide customer solutions for efficient and cost-effective cargo flow.
Grindrod achieved a strong recovery during 2021, with headline earnings from core operations, inclusive of joint ventures, of R886 million, up 166 percent from 2020 (2020: R333 million). Cash generated from operations reached R1 billion (2020: 0.9 billion). This performance was accomplished under difficult circumstances which challenged logistics supply chains and included extreme weather conditions in Maputo, unrest in KwaZulu-Natal and Gauteng, port congestion, the fire at the Richards Bay port terminal and security concerns in northern Mozambique.
By enabling supply chains, opening up new routes to markets and partnering with our stakeholders to provide efficient, innovative and cost-effective solutions, Grindrod continues to play an important role in our customers' success and South Africa's economic advancement.
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MATERIAL MATTERS
Material matters are those issues that are directly relevant to Grindrod's value chain which have the potential to impact on our value creation and preservation in the short-, medium- and long-term.
Our 2021 material mattersOUR OPERATING ENVIRONMENT
In early 2022, the global economy continued to show signs of recovery, driven by improved vaccine access and early policy support. SADC rallied on the back of elevated commodity prices, the relaxation of stringent pandemic measures and the recovery in global trade.
Macroeconomic factors
South African factors
African factors
Market outlook
The rise of digital BANKing
STAKEHOLDER RELATIONSHIPS
Grindrod’s approach to managing relationships is based on King IV, which recognises that stakeholder inclusivity and sustainable value creation are interdependent and interconnected. Transparent, proactive, two-way engagement is seen as the foundation for the creation of mutually rewarding benefits for the stakeholder groupings that rely and thrive on the sustainability of the business.
Our core values guide us in our interactions with stakeholders. To meet and improve on our stakeholder commitments, we continually strive for:
- A safe and healthy working environment
- Ongoing and clear communication
- Driving a culture that views change as an opportunity to improve our customer solutions
- Delivering customer focused business interactions and solutions
- Creating collaborative relationships with regulators and SOEs
STAKEHOLDER GROUP
We support Adopt-a-School, Cyril Ramaphosa Education Trust, The Wildlands Conservation Trust, Blue Fund, Home Run for Education; Rally to Read; and Thembelihle School, to name a few
RISK REVIEW
Read moreRISK MANAGEMENT
Grindrod has embedded risk management processes throughout all business operations. Group management is accountable for designing and implementing risk management systems and processes and reporting on these to the Board and its sub-committees.
Roles and responsibilities
Assurance of Grindrod's risk management function
Industry key risk areas
Our top risks 2021
A detailed analysis of each identified risk and how management is mitigating each