Durban, South Africa – 7 March 2024 – Grindrod Limited (Grindrod), a JSE-listed freight logistics company, is pleased to announce its results for the financial year ended 31 December 2023.
Grindrod grew its headline earnings from its core operations by 29% to R1.4 billion, generated EBITDA of 2.5 billion, up 16% from the prior year, and increased its full-year dividend to its shareholders by 84% to 72.4 cents per share. The results were delivered despite the challenging macroeconomic environment and softening prices in some of the commodities it handled within its portfolio.
The port of Maputo achieved record volumes of 12.6 million tonnes, a growth of 28% on the prior period. Grindrod’s drybulk terminals in Mozambique handled 12.9 million tonnes, an increase of 14% on the prior period, with Matola terminal achieving record performance of 8.9 million tonnes.
The extension of the concession to operate the Port of Maputo until 2058 was confirmed and formally granted by the Government of Mozambique in February 2024 and reflects positively on the sustainability of the operations and our investment in the port.
Grindrod’s Logistics segment delivered strong results despite subdued charter markets and the impact of the 49% disposal of the seafreight and container handling depot business. The ships agency, clearing and forwarding businesses continued to grow. The locomotive deployment rate closed strong at 70% with positive prospects in the short to medium term.
“Cost-effectiveness of our integrated logistics solutions will be key to sustaining the growth of our customers’ cargo flows in the current challenging trading environment. Rail is an important enabler in achieving this”, said Xolani Mbambo, CEO of Grindrod Limited.
For more information on the financial results or on Grindrod and its operations, please visit www.grindrod.com.
Contact: [email protected] or 031-302 7113
Notes to editor:
- Core operations include Port and Terminals, Logistics and Group and are inclusive of joint ventures.
- The concession was granted to Maputo Port Development Company, in which Grindrod holds a 24.7% share. Grindrod is a sub-concessionaire in the drybulk terminal and car terminal in Maputo Port, and the drybulk terminal in Matola.
- The port is made up of various sub concessions, for example, Grindrod has a sub-concession to manage a car terminal and a drybulk terminal in the main port and a drybulk terminal (known as TCM or Matola terminal) in Matola. The 12.9 million tonnes handled, refers to Grindrod’s drybulk terminals.
- Over and above the terminals managed by sub-concessionaires, Maputo Port Development Company, in which Grindrod holds a 24.7% share, manages their own facilities such as the chrome and ferrochrome facilities. Reference is made to port volumes handled being 12.6 million tonnes.