Grindrod HEPS of 88.8c came in exactly at the midpoint of the trading statement range of 85.0c to 92.5c and was essentially flat year-on-year. Underlying operations were stronger, with revenue up 19% to R2.84bn and EBITDA up 52% to R884m, driven by record Maputo port throughput and stronger performance from the terminal portfolio. Maputo’s drybulk terminal exported a record 8.4mt, up almost 30% while Matola was weaker due to weather disruptions and elevated freight costs. The main detractor was Logistics, where container, ships agency and clearing & forwarding businesses traded in a soft market while rail was affected by reduced deployment.
Click here to read the SENS