Freight and financial services group Grindrod has resumed dividend payments to shareholders after returning to profit in the year ended December. The share was 6% higher at R8.89 early on Wednesday morning. The company said on Wednesday it made a net profit after tax, including income from its now-separated shipping business and its for-sale rail-leasing division, of R2.9bn in 2018, from a loss of R508m previously. In June 2018, Grindrod unbundled its shipping division onto both the Nasdaq exchange in the US and the JSE. From that transaction, it received a foreign currency translation gain of R2.8bn. On the other hand, the group’s discontinued rail-leasing unit recorded an impairment of R568m against its operations in Sierra Leone, after a mine that that business was servicing was placed under care and maintenance. Excluding those two discontinued operations, Grindrod said its net profit for the year rose 21% to R875m as revenues, including from joint ventures, grew 16% to R24.7bn....

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