Grindrod: Earnings double to R608 million

2012-08-23 00:00

AFRICA’S biggest shipping group, KZN-based Grindrod, grew its headline earnings per share by 25% to 69,4 cents for the six months ended 30 June 2012.

The shipping and freight logistics group said yesterday that its terminal and marine fuel volumes were strong during the period, despite the challenging environment.

Grindrod generated earnings of R608,4 million — 119% higher on a year-on-year basis.

Grindrod CEO Alan Olivier and chairperson Ivan Clark said a number of transactions had been made during the period and that the group had made substantial progress on projects aimed at realising its strategy of becoming an integrated freight and logistics service provider while retaining its position in shipping.

“A notable transaction includes the introduction of Vitol as a partner in the coal, oil and tanker businesses. Good progress has been made towards completing the feasibility study to expand the Maputo coal terminal by 20 million tons,” the group said.

The four divisions of Grindrod — freight services, shipping, trading and financial services — provide operating and marketing synergies locally and internationally.

In pursuing its strategy of becoming a fully integrated freight and logistics service provider, Grindrod continues to invest in assets and opportunities across the four operating divisions, focusing on dry bulk and bulk liquid commodities, container cargo and vehicles.

Grindrod is also committed to world-class maritime environmental management standards with a solid record of pollution prevention and efficient use of natural resources.

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