JSE-listed freight logistics company Grindrod Limited has released its results for the financial year ended December 31, 2023, highlighting a solid performance despite the challenging macroeconomic environment.
During the period, Grindrod recorded a significant increase in profits from its core operations, with growth of 29%, totaling 1.4 billion rand. In addition, EBITDA reached 2.5 billion, representing an increase of 16% on the previous year. Shareholders also benefited, with a substantial increase in the annual dividend to 72.4 cents per share.
The port of Maputo, operated by Grindrod, reached volumes corresponding to 12.6 million tons, representing growth of 28% compared to the previous period.
The extension of the concession to operate the Port of Maputo until 2058 was confirmed and formally granted by the Government of Mozambique in February 2024, reflecting positively on the sustainability of port operations.
Despite the challenges in the markets, Grindrod’s Logistics segment posted solid results, driven by continued growth in the ship agency, clearing and forwarding businesses. The company also highlighted a positive outlook for rail transportation in the short and medium term.
Xolani Mbambo, CEO of Grindrod Limited, emphasized the importance of the cost-effectiveness of the company’s integrated logistics solutions in sustaining customer growth in a challenging business environment.
