Staff Writer
Grindrod, which has operations at Walvis Bay has delivered a resilient operational and financial performance in the first half of 2026, with headline earnings remaining broadly unchanged despite geopolitical uncertainty, weather-related disruptions and pressure in parts of the logistics sector.
The group reported headline earnings of R592.6 million for the six months ended 30 June 2026, marginally above the R592.2 million recorded in the corresponding period of 2025.
Basic earnings, however, fell to R598.3 million from R1.47 billion a year earlier, mainly because the prior-year results included one-off net profits of R902.8 million from the release of foreign currency translation reserves.
The group said its Port and Terminals business performed strongly, supported by record throughput at the Port of Maputo.
The Port of Maputo’s drybulk terminal exported a record 8.4 million tonnes during the period, up from 6.5 million tonnes in the first half of 2025. Grindrod’s drybulk terminals handled 8.1 million tonnes, compared with 7.9 million tonnes a year earlier.
The Port of Maputo recorded its highest monthly throughput in June, handling 1.623 million tonnes. Grindrod said the performance provides a strong run-rate entering the second half of the year and supports the medium-term case for the Maputo dredging programme.
Matola handled 4.2 million tonnes during the period, down from 4.5 million tonnes in the first half of 2025. The decline was attributed to weather disruption in the Phalaborwa catchment and higher freight costs.
In South Africa, Navitrade and Maydon Wharf recorded strong throughput growth, reflecting improved utilisation across Grindrod’s terminal portfolio.
Northern Mozambique graphite shipments increased during the period, while operations at the Eswatini sidings were wound down following the cessation of Belfast coal movements to Maputo through the route.
Grindrod also declared an interim ordinary dividend of 24.3 cents per share, up from 23.0 cents per share in the first half of 2025.
The net ordinary dividend is 19.44 cents per share for shareholders not exempt from dividends tax. The dividend was declared out of income reserves.
The group also declared an interim preference dividend of 449.0 cents per cumulative, non-redeemable, non-participating and non-convertible preference share, compared with 480.0 cents in the prior-year period.
In October 2025, Grindrod opened a new warehouse facility in the Port of Walvis Bay. Strategically located near berths 7 and 8, the warehouse is designed for seamless cargo movement via conveyor and is fully compatible with rail and road transport systems.
Grindrod believes that Walvis Bay is ideally situated as a gateway to global markets, especially for cargo originating from the West Coast of Africa and neighbouring countries such as South Africa, Zambia, Botswana, Malawi, Zimbabwe, and the Democratic Republic of Congo (DRC).
