Grindrod’s half-year earnings have risen as cargo volumes at ports and terminals that it operates grew from a year earlier.
The South African ports and terminal group posted ZAR 487m ($26.2m) for the first six months of 2023, up from ZAR 404m during the first half of 2022.
Half-year revenue grew to ZAR 2.47bn for this year, up from ZAR 2.22bn collected in the first six months of last year.
Johannesburg-listed Grindrod’s ports and terminals segment posted ZAR 247m in profit for the first half of 2023, down from ZAR 295m in profit for first six months of 2022.
The company earned ZAR 1.48bn in revenue during the first six months of 2023, down from ZAR 1.14bn in revenue recorded during the first half of 2022.
Grindrod’s Mozambique dry bulk terminals in Maputo and Matola handled 6m tonnes of cargo from January to the end of June, up 17% from the first half of 2022, as “strong demand for its export terminal footprint persisted”, Grindrod said.
Grindrod’s logistics segment posted ZAR 275m from January to the end of June, up from ZAR 205m earned in the year-ago period.
It gathered ZAR 1.67bn in revenue for the first half of 2023, down from ZAR 1.49bn during the first six months of last year.
At the end of this year’s first half, Grindrod had ZAR 2.17bn in cash and cash equivalents, up from ZAR 1.72bn in cash and cash equivalents at the halfway mark for 2022.
