Sustained performance for logistics company
Grindrod Limited performance is driven by core operations
SOUTH AFRICA: Grindrod Limited (Grindrod), a JSE-listed freight logistics company, has reported a sustained performance driven by its core operations for the six months ended 30 June 2024.
“In the face of global challenges such as higher interest rates, supply chain disruptions, and geopolitical tensions, as well as volatile commodity markets, we are pleased to have achieved sustained performance in our core operations,” said Xolani Mbambo, CEO of Grindrod at a presentation last week.
Significant growth of 18 percent was recorded in volumes handled at the Port of Maputo bringing the total to 6.9 million tonnes. This comes on the back of an 16 percent increase recorded during 2023. Volumes at Grindrod’s dry bulk terminals also showed an increase with handling up by three percent to 8.4 million tonnes.
Grindrod’s ships agency, and clearing and forwarding businesses achieved headline earnings growth of 38 percent.
Grindrod also launched a RORO vessel on Lake Victoria in February this year to provide a freight service and facilitate scheduled freight service between Uganda and Tanzania.
Looking ahead, Grindrod remains committed to focusing on operational efficiencies, technology, and growth strategies. Capital expenditures will be directed towards supporting the rail expansion and the upgrading the terminals in Maputo, demonstrating the company's dedication to sustainable growth.
1677