Ports and terminals strengthen results
Infrastructure projects remain on track
SOUTH AFRICA: Releasing its interim results for the six months ending 30 June, Grindrod Limited (Grindrod) has reported headline earnings of R593 million and a 52% increase in EBITDA to R884 million driven by the strong performance of the Port and Terminals segment.
The Group’s strategic infrastructure projects, including the Matola terminal expansion, the Port of Maputo dredging project and the development of the Richards Bay container handling facility, remain on track and are expected to support terminal growth and strengthen the Group's integrated logistics offering.
Key Stats:
◼︎ 29% increase in the Port of Maputo which handled 8.4 million tons driven by the strong demand for chrome exports and improved terminal efficiencies.
◼︎ 2% increase in drybulk volumes driven by record-breaking performances at the Richard’s Bay Navitrade facility and Durban’s multi-purpose terminal.
◼︎ 7% decrease in volumes handled by the drybulk terminal in Matola driven by early-year weather disruptions and elevated freight costs.
Logistics delivered a mixed result, as well as the rail performance being impacted by reduced locomotive deployment.
The Group recorded a fatality in June 2026, following which investigations were completed and additional controls implemented to strengthen safety across operations. Despite this, the company reports an improved Lost Time Injury Frequency Rate (LTIFR) that was measured well below the 2025 rate.
“The first half underscored the strength of our strategy, the resilience of our asset base and the quality of the growth opportunities ahead. Grindrod delivered resilient volumes, stronger earnings and robust cash generation, reflecting momentum that is tangible, measurable and focused on sustainable value creation. We remain disciplined in our execution today as we build a stronger Grindrod for tomorrow,” said Kwazi Mabaso, Group CEO of Grindrod Limited, commenting on the results.
Looking ahead, Grindrod expects locomotive re-deployment to accelerate in the second half of the year, while preparations continue for the commencement of Open Access rail operations in early 2027.
“Our planned entry into container handling at Richards Bay in 2028 marks an important diversification opportunity. Backed by disciplined capital allocation and completed debt restructuring, Grindrod is well positioned to convert strategic momentum into sustainable value,” added Mabaso.
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