GRINDROD LIMITED - Unaudited condensed consolidated interim results and cash dividend declaration for the six months ended 30 June 2024

Unaudited condensed consolidated interim results and cash dividend declaration for the six months ended 30 June 2024


Grindrod Limited
Incorporated in the Republic of South Africa
Registration number: 1966/009846/06
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 2024


OPERATIONAL

Port volumes
^ 18%
6.9 million tonnes

Drybulk terminal volumes
^ 3%
8.4 million tonnes

FINANCIAL

Core EBITDA*
R1.0 billion

Core headline earnings*
R562 million

CAPITAL ALLOCATION

Cash generated from operations
^ 13%
R425 million

Interim ordinary dividend
23.0 cents per share

*Inclusive of joint ventures.

PERFORMANCE REVIEW

The Group achieved headline earnings of R561.9 million from its core operations for the six months ended 30 June 2024 ("period") (H1 2023: R563.4 million).

Port of Maputo grew its own handled volumes by 18% to 6.9 million tonnes underpinned by strong demand for chrome. By prioritising its technology enabled
visualisation projects and automation of its cargo handling processes, the port continued to deliver on its strategic objectives and will continue to build
momentum on key customer initiatives. Grindrod's drybulk terminals handled 8.4 million tonnes. Richards Bay volumes rebounded to 1.6 million tonnes for the
period, reflecting a 20% growth on prior period.

Ships agency and clearing and forwarding businesses achieved strong headline earnings growth of 38% on the back of a higher customer base and port calls.
This growth was, however, dampened by the continuing negative impact of logistics constraints on the container handling depot throughput and transport
resulting in the overall logistic earnings growth of only three percent.

Structural reorganisation of the rail business is complete with the focus on the rail strategy underway. Following the mutual termination of the rail
operation contract in Sierra Leone, 13 Grindrod locomotives will be returning to South Africa in quarter three. By building an effective rail solution,
Grindrod is scaling up and driving efficiency on key corridors in which it operates, accelerating growth in volumes and enabling integrated pit-to-port
solutions.

                                                                                   Unaudited       Unaudited
                                                                                30 June 2024    30 June 2023    Change
Core operations inclusive of joint ventures*                                              Rm              Rm         %
Revenue                                                                                3 772           3 795        (1)
Earnings before interest, taxation, depreciation and amortisation (EBITDA)             1 039           1 120        (7)
Profit attributable to ordinary shareholders                                             566             520         9
Headline earnings                                                                        562             563         -
                                                                      
*Core operations includes Port and Terminals, Logistics and Group.

GROUP RESULTS

The Group reported a profit of R485.9 million for the period against R444.1 million. Headline earnings decreased by one percent to R481.4 million compared
to R487.3 million in the prior period.

                                                                                   Unaudited       Unaudited
                                                                                30 June 2024    30 June 2023    Change
Total Group on a legal basis                                                              Rm              Rm         %
Revenue                                                                                2 480           2 470         -
EBITDA                                                                                   440             487       (10)
Basic earnings                                                                           486             444         9
Headline earnings                                                                        481             487        (1)
Basic earnings per share (cents)                                                        72.8            66.6         9
Headline earnings per share (cents)                                                     72.1            73.0        (1)

DECLARATION OF DIVIDEND

Ordinary dividend
Notice is hereby given that a gross interim ordinary dividend of 23.0 cents per share has been declared out of income reserves for the six months ended 30
June 2024 (2023 H1: 34.4 cents per share). The interim net dividend is 18.4 cents per share for ordinary shareholders who are not exempt from dividends tax.

At the date of this announcement, there were 698 031 586 issued ordinary shares.

Preference dividend

Notice is hereby given that a gross interim preference dividend of 516.0 cents (2023 H1: 483.0 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 2024. The interim net preference dividend is
412.8 cents per share for preference shareholders who are not exempt from dividends tax.

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 ("dividends") are as follows:

Dividend declaration date                                               Friday, 23 August 2024
Last date to trade cum-dividend                                         Tuesday, 17 September 2024
Ordinary shares and preference shares start trading ex-dividend         Wednesday, 18 September 2024
Record date                                                             Friday, 20 September 2024
Payment date                                                            Monday, 23 September 2024

No dematerialisation or rematerialisation of ordinary shares and preference shares will be allowed during the period Wednesday, 18 September 2024 to Friday,
20 September 2024, 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 23 August 2024 at
https://senspdf.jse.co.za/documents/2024/jse/isse/GNDE/Interim24.pdf. Copies of the full announcement may also be requested by email at
investorrelations@grindrod.com. 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
23 August 2024

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: 23-08-2024 07:45:00
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