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OPERATIONAL
G R I N D R O D L IM I T E D
Unaudited condensed consolidated interim results and cash dividend declaration for the six months ended 30 June 2025 Port volumes
6.5 million
tonnes
tonn es
PERFORMANCE REVIEW DECLARATION OF DIVIDEND Drybulk terminal
Interim ordinary dividend volumes
CORE BUSINESS
The first half of 2025 (“the period”) was marked by a strong rebound in the second quarter,
particularly in the Port and Terminals segment, following a slow start to the year. Grindrod’s
Notice is hereby given that a gross interim ordinary dividend of 23.0 cents per share (2024 H1:
23.0 cents per share) has been declared out of income reserves for the six months ended
7.9 million
tonnes
tonn es
operations were fatality-free during the period with a lost time injury frequency rate of 0.27 30 June 2025. The interim net ordinary dividend is 18.4 cents per share for ordinary shareholders
against a target of 0.40. Key milestones on strategy execution were achieved. who are not exempt from dividends tax.
The drybulk terminal operated by the Port of Maputo exported 6.5 million tonnes (“mt”) for Special ordinary dividend
the period (2024 H1: 6.9 mt) whilst Grindrod’s drybulk terminals handled 7.9 mt (2024 H1: 8.4 mt). Notice is hereby given that a special ordinary dividend of 32.3 cents per ordinary share has been
The monthly volume run-rate across all the drybulk terminals was 2.5 mt in the second quarter, up declared to shareholders as a cash return of 25% of the consideration received from the divestitures
13% from the first quarter, reflecting a robust recovery particularly at Matola where record monthly of non-core assets. The special ordinary dividend is 25.84 cents per ordinary share for shareholders
volumes of 1.1 mt was achieved in May. Low rolling stock deployment, softer margins on road who are not exempt from dividend tax.
FINANCIAL
transportation and subdued container and graphite volumes impacted the logistics segment.
Payment of the special dividend is subject to Exchange Control approval. A further announcement
The transaction to acquire the remaining 35% interest in the Matola terminal for R1.4 billion closed will be released on SENS by no later than the finalisation date once Exchange Control approval Core EBITDA *
in May, and pre-tax cash of R901.7 million was collected from exiting the KwaZulu-Natal North has been obtained.
Coast property backed loans and advances, and Marine Fuels trading business. These actions
resulted in one-off items totalling R902.8 million, mainly consisting of foreign currency translation
As at the date of this announcement, there were 698 031 586 ordinary shares in issue. R1.0 billion
reserves released. Preference dividend
Notice is hereby given that a gross interim preference dividend of 480.0 cents (2024 H1: 516.0 cents) Core headline
per cumulative, non-redeemable, non-participating and non-convertible preference share has earnings *
Unaudited Unaudited been declared out of income reserves for the six months ended 30 June 2025. The interim net
Core operations inclusive of joint ventures*
30 June 2025
Rm
30 June 2024
Rm
Change
%
preference dividend is 384.0 cents per share for preference shareholders who are not exempt
from dividends tax.
R0.6 billion
Revenue 3 478 3 772 (8) As at the date of this announcement, there were 7 400 000 preference shares in issue.
Earnings before interest, taxation, Salient dates
depreciation and amortisation (EBITDA) 1 022 1 039 (2) The salient dates for the ordinary dividend and preference dividend are as follows:
Profit attributable to ordinary shareholders 1 472 566 160
Dividends’ declaration date Friday, 22 August 2025
Headline earnings 562 562 – Finalisation date Tuesday, 9 September 2025
CAPITAL ALLOCATION
Last date to trade cum-dividend Tuesday, 16 September 2025
*
Core operations includes Port and Terminals, Logistics and Group. Securities start trading ex-dividend Wednesday, 17 September 2025
Record date Friday, 19 September 2025 Cash generated
Payment date Monday, 22 September 2025 from operations
GROUP RESULTS
Grindrod’s headline earnings increased to R592.2 million (2024 H1: R481.4 million) after
No dematerialisation or rematerialisation of shares will be allowed during the period Wednesday,
17 September 2025 to Friday, 19 September 2025, both days inclusive.
R439 million
accounting for the non-core business. The Group’s basic earnings increased to R1 466.8 million
(2024 H1: R485.9 million). The local dividend tax rate is 20% and Grindrod’s tax reference number is 9435/490/71/0. Both
the ordinary dividend and preference dividend are declared in the currency of the Republic of Cash conversion
Unaudited
30 June 2025
Unaudited
30 June 2024 Change
South Africa.
80%
Total Group* Rm Rm % Directors’ statement
This short-form announcement is the responsibility of the directors and is only a summary of Interim and
Revenue 2 381 2 480 (4) the information of the full announcement and does not contain full or complete details. The full special ordinary
EBITDA 584 440 33 announcement is available on the Company’s website at www.grindrod.com and on the JSE cloudlink dividend
on 22 August 2025 at https://senspdf.jse.co.za/documents/2025/jse/isse/GNDE/Interim25.pdf. Any
Basic earnings 1 467 486 202 investment decision by investors and / or shareholders should be made having considered the full
announcement as a whole.
55.3 cents
share
per
Headline earnings 592 481 23
Basic earnings per share (cents) 219.8 72.8 202 By order of the Board
Headline earnings per share (cents) 88.7 72.1 23 VB Commaille * Includes Port and Terminals,
Group Company Secretary Logistics and Group and
*
Joint ventures are equity accounted. is inclusive of joint ventures.
22 August 2025
Registered office and business address
Grindrod Mews, 106 Margaret Mncadi Avenue, Durban, 4001
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Registration number: 1966/009846/06, Incorporated in the Republic of South Africa
Share code: GND and GNDP ISIN: ZAE000072328 and ZAE000071106
(“Grindrod”, or “the Company” or “the Group”)
