Marine shipping firm Grindrod on Wednesday reported a 95% jump to 242,8 cents in headline EPS for the interim period to June compared with 124,6 cents a year ago.
An interim ordinary dividend of 68 cents was declared — up 100% on the same period a year ago. A preference dividend of 589 cents per share was declared, up from 498 cents a year ago.
The group expects full year headline EPS to rise between 80% and 100% on the 263,1 cents per share reported for the twelve months to December 31 2007.
Revenue for the interim period rose 93% to R13,5-billion and trading profit was up 92% to R1,4-billion.
These results were achieved against the backdrop of a continued buoyant shipping market and substantial demand for commodities. Drybulk markets continue to be firm and the tanker market has performed well, the group said.
Shipping continued to be the major profit contributor at 90% of total earnings, 107% up on the corresponding period. Freight Services experienced good growth in earnings of 65%, it added.
Trading did not perform as expected, but is positioned for a strong second half.
Financial Services’ results were impacted by the reduced shareholding, declining equity markets and the slowdown in local economic activity.
Looking ahead, the group said shipping market fundamentals continued to be positive and consequently earnings are expected to remain at firm levels for the balance of the 2008 financial year.
The group expects headline earnings per share for the 2008 financial year to be 80% to 100% higher than the 263,1 cents achieved in 2007. – I-Net Bridge