Grindrod is still on track and making for port
The company has a strong balance sheet and will benefit from the recent transfer of Transnet to the transport department
05 September 2024 - 05:00
Grindrod delivered a largely flat headline earnings result in its core business of 84.2c a share for the first half of 2024. Maputo port grew volumes by 18% and the return of the conveyor at Richards Bay after a fire pushed volumes up by close to 20%.
Despite these increases, the margins in ports and logistics were down 6%, driven by a mix change — lower coal and iron ore volumes moved to higher chrome volumes. Also affecting results was the heavy flooding in Mozambique, which knocked out the port and railway lines to Maputo for a period...
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