Grindrod., Africa’s biggest shipping company, said first-half earnings rose 29% led by its freight services division.
Headline earnings per share for the six months ended June advanced to 76.2 cents, excluding one-time items, from 58.9 cents a year earlier, the company said in a statement today.
Earnings from trading activities at the Durban-based company’s freight services unit rose 75% to R300-million. Grindrod plans to spend R1.14-billion in the second half to expand terminal capacity, improve rail infrastructure and buy locomotives and ships, according to the statement.
"Within the freight services division, ports, terminals and rail reported exceptional growth in profits and expanded operational capacity," the company said.
Grindrod shares have gained 47% this year, the ninth best-performer of the 165-member FTSE/JSE Africa All Share Index. The stock rose 4% at close on August 30 to R23.29, valuing the company at R14.1-billion.
The interim dividend for the period rose 14% to 20 cents, Grindrod said. – Bloomberg