PRESS STATEMENT
FOR IMMEDIATE RELEASE
Grindrod Limited announces its Interim Financial Results for the six months ended 30 June 2024
Durban, South Africa – 23 August 2024 – Grindrod Limited (Grindrod), a JSE-listed freight logistics company, is pleased to announce its interim results for the six months ended 30 June 2024. Despite challenging market conditions and lower commodity prices, the company has reported sustained performance driven by its core operations.
Key highlights include:
- Headline earnings of R561.9 million from core operations
- Cash generated from operations up 13% to R425 million
- Growth in volumes handled in the Port of Maputo up by 18% to 6.9 million tonnes..
- Increase in volumes handled at Grindrod’s drybulk terminals up by 3% to 8.4 million tonnes
- Ships agency, and clearing and forwarding businesses achieved headline earnings growth of 38%
Commenting on the interim results, Xolani Mbambo, CEO of Grindrod Limited said: "In the face of global challenges such as higher interest rates, supply chain disruptions, and geopolitical tensions, as well as volatile commodity markets, we are pleased to have achieved sustained performance in our core operations.
Rail is critical in Grindrod's integrated logistics solutions due to its efficiency and cost-effectiveness, particularly for dry-bulk and container flows. The strategy which emphasises partnerships with rail authorities and operators, aims to expand rail growth opportunities within the SADC and East Africa regions. The return of thirteen locomotives from Sierra Leone this week will bolster the sustainability of cargo flows on trade corridors, further enhancing operational capabilities.
Looking ahead, Grindrod remains committed to focusing on operational efficiencies, technology, and growth strategies. Capital expenditures will be directed towards supporting the rail expansion and the upgrading the terminals in Maputo, demonstrating the company's dedication to sustainable growth.
For more information and detailed financial results, please visit www.grindrod.com.
Contact information:
Grindrod Limited
Alison Briggs
Public Relations and Marketing Manager
031 302 7113 or 083 419 2970