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· Grindrod, Mozambique’s logistics company is expected to report a loss of between R286-million and R316-million for the six months ended June 30
· The Johannesburg Stock Exchange (JSE) listed company said it expects to post an interim loss of between 42.2c and 46.6c.
Grindrod, Mozambique’s logistics company is expected to report a loss of between R286-million and R316-million for the six months ended June 30. The Johannesburg Stock Exchange (JSE) listed company said it expects to post an interim loss of between 42.2c and 46.6c.
The core business of the company showed an upward trend, but was heavily impacted by Covid-19 and the subsequent one-off adjustments the company had to take many steps to insulate itself from the onslaught of the pandemic. These included dividend withholdings tax of R31.6-million on repatriation of undistributed profits of $27.9-million from Mozambique and fair value adjustments on the private equity portfolio of R270-million.
Cash generated from operations was impressive and exceeded R500-million in the six months under review, which was higher than the previous year by a wide mark. The balance sheet continues to be strong with net debt to equity of 5%.
One reason for impressive bottom lines was the buoyant port activities. Grindrod’s Port and Terminals division reported good volumes. Both the Maputo Port and Matola Terminal have shown good revenue, so also the seafreight business and its landside container operation.
