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OPERATIONAL
Port volumes
14%
14.3 million tonnes
G R I N D R O D L IM I T E D
Drybulk terminal
Reviewed results and dividend announcement for the year ended 31 December 2024 volumes
5%
16.7 million tonnes
PERFORMANCE HIGHLIGHTS DECLARATION OF DIVIDEND
CORE BUSINESS Ordinary dividend FINANCIAL
Grindrod reported a resilient performance for 2024 as it remained steadfast in its commitment to Notice is hereby given that a final gross ordinary dividend of 17.0 cents per share (2023: 38.0 cents
efficiently and cost-effectively deliver Africa’s commodities globally through its integrated logistics per share) has been declared out of income reserves for the year ended 31 December 2024. The Core EBITDA *
solutions. Overall, the Group achieved core headline earnings of R1 003.8 million, delivered under final net ordinary dividend is 13.6 cents per share for ordinary shareholders who are not exempt
difficult trading circumstances following intermittent Lebombo / Ressano Garcia border closures
into the last quarter of 2024, and disruptive cyclonic flooding in the first half of the year.
from dividends tax.
As at the date of this announcement, there were 698 031 586 ordinary shares in issue.
R2.0 billion
The drybulk terminal operated by the port of Maputo achieved record chrome exports of 14.3 million
Preference dividend Core headline
tonnes per annum (mtpa) compared to 12.6 mtpa in 2023. Drybulk volume exports from Grindrod’s earnings *
Notice is hereby given that a final gross preference dividend of 513.0 cents (2023: 521.0 cents) per
terminals in Maputo, Matola, Richards Bay and Durban marginally softened to 16.5 mtpa compared
R1.0 billion
cumulative, non-redeemable, non-participating and non-convertible preference share has been
to 17.3 mtpa achieved in 2023. The impact of the border disruptions was 4.4 mtpa on volume and
declared out of income reserves for the year ended 31 December 2024. The final net preference
between R180 million and R200 million on headline earnings.
dividend is 410.4 cents per share for preference shareholders who are not exempt from dividends tax.
Whilst Logistics benefited from higher road haulage business, albeit at lower margins, and from
As at the date of this announcement, there were 7 400 000 preference shares in issue.
continued strong ships agency and clearing & forwarding businesses, the persistent weak graphite
CAPITAL ALLOCATION
demand from China and ongoing depressed container throughput volume weighed heavily on this Salient dates
segment’s margins. The salient dates for the ordinary dividend and preference dividend are as follows:
Cash generated
Grindrod’s focus on rail is evident through the successful return of 13 locomotives from Sierra Dividends’ declaration date Thursday, 06 March 2025 from operations
Leone, where its operations demonstrated proficiency in heavy-haul logistics. On its phase two of Last date to trade cum-dividend Tuesday, 01 April 2025
increasing its reach in South Africa’s rail network, Grindrod will seek to acquire new and modern
rolling stock fleet. Grindrod is uniquely poised to take advantage of the numerous opportunities in
Ordinary shares and preference shares start trading ex-dividend
Record date
Wednesday, 02 April 2025
Friday, 04 April 2025
R784 million
the logistics space as South Africa progresses on its logistics network reform agenda. Payment date Monday, 07 April 2025 Cash conversion
Grindrod’s capital allocation framework, growth opportunities, track record of operational No dematerialisation or rematerialisation of ordinary shares and preference shares will be allowed
performance and healthy balance sheet will enable investment in future growth and drive strong
returns for shareholders.
during the period Wednesday, 02 April 2025 to Friday, 04 April 2025, both days inclusive. 92%
The local dividend tax rate is 20% and Grindrod’s tax reference number is 9435/490/71/0. Both the
Reviewed Audited ordinary dividend and preference dividend are declared in the currency of the Republic of South Africa. Final ordinary
31 December 31 December dividend
Core operations inclusive of joint ventures *
2024
Rm
2023
Rm
Change
% 17.0 cents
share
per
Revenue 7 371 7 490 (2) * Includes Port and Terminals,
Earnings before interest, taxation, Logistics and Group and
2 015 2 513 (20)
depreciation and amortisation (EBITDA) is inclusive of joint ventures.
Profit attributable to ordinary shareholders 1 006 1 334 (25)
Headline earnings 1 004 1 359 (26)
* Core operations includes Port and Terminals, Logistics and Group.
Directors’ statement Registered office
NON-CORE BUSINESS This short-form announcement is the responsibility of the directors and is only a summary of the and business address
The transaction to dispose of the North Coast property-backed loans and advances for R500 million information of the full announcement and does not contain full or complete details. The full Grindrod Mews, 106 Margaret
is pending the fulfillment of certain suspensive conditions. As a result of this transaction, fair value announcement is available on the Company’s website at www.grindrod.com and on the JSE cloudlink Mncadi Avenue, Durban, 4001
losses and expected credit losses of R522.9 million were realised. In addition, a further R165.5 million on 06 March 2025 at https://senspdf.jse.co.za/documents/2025/jse/isse/GNDE/ye2024.pdf.
(2023: R56.1 million) provision was raised to cover warranties provided by Grindrod on specific loans Any investment decision by investors and / or shareholders should be made having considered the Sponsor
disposed of as part of the Grindrod Bank disposal transaction executed in 2022. Group results also full announcement as a whole. Nedbank Corporate and
include earnings of R32.7 million (2023: R53.5 million) from the 50% owned marine fuel trading Investment Banking, a division
business and a dividend of R73.5 million was received in December 2024 (2023: Rnil). By order of the Board of Nedbank Limited
GROUP RESULTS VB Commaille Registration number:
Grindrod’s headline earnings dropped to R311.9 million (2023: R1 012.4 million) after accounting for Group Company Secretary 1966/009846/06, Incorporated
the non-core business. The Group’s basic earnings decreased to R314.2 million (2023: R987.8 million). 06 March 2025 in the Republic of South Africa
Share code: GND and
Reviewed Audited
31 December 31 December GNDP ISIN: ZAE000072328
2024 2023 Change Review conclusion and ZAE000071106
Total Group * (“Grindrod”, or “the Company”
Rm Rm % The condensed consolidated financial statements for the year ended 31 December 2024 have been
reviewed by Grindrod’s auditors, PricewaterhouseCoopers Incorporated, who issued an unmodified or “the Group”)
Revenue 4 976 4 846 3 review conclusion report thereon. The auditor’s review conclusion forms part of the reviewed results
EBITDA 295 923 (68) and is available on the Company’s website at www.grindrod.com. This short-form announcement has
Basic earnings 314 988 (68) not been reviewed by Grindrod’s auditors.
Headline earnings 312 1 012 (69)
Basic earnings per share (cents) 47.1 148.0 (68)
Headline earnings per share (cents) 46.7 151.7 (69)
* Joint ventures are equity accounted.
