Grindrod is a different business these days. In 2018 its shipping business was unbundled and listed separately. This led to Grindrod being restructured into two main pillars, the largest of which is the freight division that housed the logistics and ports and terminals businesses (which includes a 24.7% stake in the Maputo Port Development Company). Less significant on an operating profit level is the financial services division, which holds a 96.5% stake in Grindrod Bank.Despite Grindrod operating in a slowing global business environment (even before Covid-19), the group reported a solid year to the end of December 2019. At an earnings a share level, the result was partially due to an increase in shares treated as treasury shares and so excluded from the earnings a share calculation. But higher volumes through its ports and terminals operations also contributed.The silver lining of operating in a slowing environment was that, before Covid-19, Grindrod management were already workin...

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