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Unaudited condensed consolidated interim results and cash dividend declaration for the six months ended 30 June 2025
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")
Unaudited condensed consolidated interim results and cash dividend declaration for the six months ended 30 June 2025
PERFORMANCE REVIEW
OPERATIONAL
Port volumes
6.5 million tonnes
Drybulk terminal volumes
7.9 million tonnes
FINANCIAL
Core EBITDA*
R1.0 billion
Core headline earnings*
R0.6 billion
CAPITAL ALLOCATION
Cash generated from operations
R439 million
Cash conversion
80%
Interim and special ordinary dividend
55.3 cents per share
* Includes Port and Terminals, Logistics and Group and is inclusive of joint ventures.
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 operations were fatality-free during the period with a lost time injury frequency rate of 0.27 against a target of 0.40.
Key milestones on strategy execution were achieved.
The drybulk terminal operated by the Port of Maputo exported 6.5 million tonnes ("mt") for the period (2024 H1: 6.9 mt) whilst Grindrod's drybulk terminals
handled 7.9 mt (2024 H1: 8.4 mt). The monthly volume run-rate across all the drybulk terminals was 2.5 mt in the second quarter, up 13% from the first quarter,
reflecting a robust recovery particularly at Matola where record monthly volumes of 1.1 mt was achieved in May. Low rolling stock deployment, softer margins
on road transportation and subdued container and graphite volumes impacted the logistics segment.
The transaction to acquire the remaining 35% interest in the Matola terminal for R1.4 billion closed in May, and pre-tax cash of R901.7 million was
collected from exiting the KwaZulu-Natal North 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 reserves released.
Unaudited Unaudited
30 June 2025 30 June 2024
Core operations inclusive of joint ventures* Rm Rm Change %
Revenue 3 478 3 772 (8)
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 1 022 1 039 (2)
Profit attributable to ordinary shareholders 1 472 566 160
Headline earnings 562 562 -
* Core operations includes Port and Terminals, Logistics and Group.
GROUP RESULTS
Grindrod's headline earnings increased to R592.2 million (2024 H1: R481.4 million) after accounting for the non-core business. The Group's basic earnings
increased to R1 466.8 million (2024 H1: R485.9 million).
Unaudited Unaudited
30 June 2025 30 June 2024
Rm Rm Change %
Total Group*
Revenue 2 381 2 480 (4)
EBITDA 584 440 33
Basic earnings 1 467 486 202
Headline earnings 592 481 23
Basic earnings per share (cents) 219.8 72.8 202
Headline earnings per share (cents) 88.7 72.1 23
* Joint ventures are equity accounted.
DECLARATION OF DIVIDEND
Interim ordinary dividend
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 30 June 2025. The interim net ordinary dividend is 18.4 cents per share for ordinary shareholders who are not exempt from
dividends tax.
Special ordinary dividend
Notice is hereby given that a special ordinary dividend of 32.3 cents per ordinary share has been declared to shareholders as a cash return of 25% of the
consideration received from the divestitures of non-core assets. The special ordinary dividend is 25.84 cents per ordinary share for shareholders who are not
exempt from dividend tax.
Payment of the special dividend is subject to Exchange Control approval. A further announcement will be released on SENS by no later than the finalisation
date once Exchange Control approval has been obtained.
As at the date of this announcement, there were 698 031 586 ordinary shares in issue.
Preference dividend
Notice is hereby given that a gross interim preference dividend of 480.0 cents (2024 H1: 516.0 cents) per cumulative, non-redeemable, non-participating and
non-convertible preference share has been declared out of income reserves for the six months ended 30 June 2025. The interim net preference dividend is
384.0 cents per share for preference shareholders who are not exempt from dividends tax.
As at the date of this announcement, there were 7 400 000 preference shares in issue.
Salient dates
The salient dates for the ordinary dividend and preference dividend are as follows:
Dividends' declaration date Friday, 22 August 2025
Finalisation date Tuesday, 9 September 2025
Last date to trade cum-dividend Tuesday, 16 September 2025
Securities start trading ex-dividend Wednesday, 17 September 2025
Record date Friday, 19 September 2025
Payment date Monday, 22 September 2025
No dematerialisation or rematerialisation of shares will be allowed during the period Wednesday, 17 September 2025 to Friday, 19 September 2025, both days
inclusive.
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 South Africa.
Directors' statement
This short-form announcement is the responsibility of the directors and is only a summary of the information of the full announcement and does not contain
full or complete details. The full announcement is available on the Company's website at www.grindrod.com and on the JSE cloudlink on 22 August 2025 at
https://senspdf.jse.co.za/documents/2025/jse/isse/GNDE/Interim25.pdf. Any investment decision by investors and / or shareholders should be made having
considered the full announcement as a whole.
By order of the Board
VB Commaille
Group Company Secretary
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
Date: 22-08-2025 09:05:00
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