Grindrod Limited (JSE:GND) News - Trading and significant events update

Grindrod Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Share code: GND & GNDP
ISIN: ZAE000072328 & ZAE000071106
(“Grindrod” or “the Company” or “the Group”)

TRADING AND SIGNIFICANT EVENTS UPDATE

TRADING UPDATE

Grindrod’s core businesses continued the positive momentum of the 2021 financial year delivering a strong
performance in the first quarter of 2022 (“period”).

Supported by favourable commodity demand, Ports and Terminals recorded a solid performance with Port volumes up
11% on the prior period and Terminals drybulk volumes up 48% on the prior period.

Coastal Shipping and Clearing and Forwarding businesses in the Logistics segment, once again, delivered a robust
performance for the quarter with earnings up 39% on the prior period. The businesses continued to capitalise on the
recovery of sea-borne trade to pre-pandemic levels.

The Bank’s earnings were 9% up on the prior period despite maintaining a large liquidity surplus.

SIGNIFICANT EVENTS

Impact of KwaZulu-Natal floods

The heavy rainfall and extensive flooding in KwaZulu-Natal on the 11th and 12th of April 2022 resulted in loss of lives
and caused widespread damage to property and infrastructure in the region. Our sincere condolences to the families
and friends who have lost loved ones. We are grateful that all our staff, and our service providers’ staff, are accounted
for and are safe.

Our container depots, terminals and warehouse facilities in and around central Durban have been impacted, with
operations at five of our sites presently suspended, and likely to be so for several weeks. The infrastructure damage in
the vicinity of the port is likely to impact on the port logistics activities. The impact to Grindrod includes damage to
equipment and infrastructure. Activity to recover customer containers and restore facilities has commenced, in
collaboration with our insurers. In addition, engagement with key customers is underway around contingencies,
including those required for the upcoming citrus season.

We continue to monitor and take necessary precautions in view of the heavy rains still being forecast over the next few
days. The safety of our staff is our main priority.

The situation is challenging, and our solutions are evolving as we focus on supporting our people, our communities,
and our customers.

Force majeure at Matola Terminal

Operations at the Matola terminal were impacted during April 2022 when force majeure was declared after a ship
collision damaged Port infrastructure at the terminal. Discussions with the Port authority and insurers are ongoing, and
ship-loading operations are expected to commence this month.

Exit of road transportation businesses

In early April 2022 the Group disposed of its fuel carrier fleet in Botswana at carrying value. This concludes the exit of
the fuel and automotive road transportation businesses, in line with the Group’s strategy.
Non-core debt

The remaining two tranches of preference share debt of R150 million in the Private Equity and Property business has
been settled.

CONCLUSION

We want to thank our customers and employees for their patience during this time. Whilst the floods have been
devastating, our equipment and facilities that have been damaged are all insured, including cover for business
interruption. Grindrod is resilient and remains committed to delivering the most cost-effective and efficient customer
aligned solutions.


The information in this trading update has not been reviewed or reported on by Grindrod’s auditors.

Durban
14 April 2022

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 14-04-2022 04:01:00
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