Grindrod’s earnings surge on stronger commodity demand

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The group is reporting a robust performance in its core operations, which include the Port and Terminals, Logistics and Grindrod Bank businesses. Moneyweb companynews

JSE-listed logistics and financial services company Grindrod reported a 53% rise in core headline earnings to R529 million for the half-year ended June 2022, supported largely by stronger global demand for commodities like coal. Releasing its results on Friday, the group reported a robust performance in its core operations, which include the Port and Terminals, Logistics and Grindrod Bank businesses. It says drybulk terminal volumes for the half-year increased by 52% on the previous period to 7.

Read:Open up rail network to private operators or miss commodity boom Grindrod’s share price has surged more than 130% over the last year, up from just above R5 to R11.50 at the JSE’s close on Friday. Other key metrics Core operations saw a 37% surge in trading profit to R1.1 billion, while net debt lowered by 27% to R1.6 billion this period. Grindrod resume payment of an interim dividend at 17.2 cents, after two years of holding it back.

 

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