Grindrod earnings surge as record port volumes drive growth
3 min readJSE-listed freight logistics platform Grindrod Limited has reported a resilient operational performance for the six months ended 30 June 2026, driven by record throughput in its Port and Terminals division and ongoing strategic expansion across southern African trade corridors.
The group’s board declared a 5.7% increase in its gross interim ordinary dividend to 24.3 cents per share. Operating profit before interest, taxation, and non-trading items expanded 51.5% to R633.9 million, while cash generated from operations grew 28% to R561.4 million.
Grindrod share price
Key financial results
Headline earnings per share (Heps) remained steady at 88.8 cents per share, with total headline earnings reaching R592.6 million.
• Revenue: Expanded 19.1% to R2.84 billion (up from R2.38 billion).
• Ebitda: Surged 51.5% to R884.2 million (H1 2025: R583.5 million).
• Ebitda margin: Expanded to 31% from 25% in the prior comparative period.
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• Interim ordinary dividend: 24.3 cents per share (net 19.44 cents for non-exempt shareholders).
• Interim preference dividend: 449.0 cents per share (down from 480.0 cents in H1 2025).
Detailing the group’s operational resilience amid global volatility, Kwazi Mabaso, CEO of Grindrod, stated: “Grindrod delivered a resilient operational and financial performance in the first half of 2026, notwithstanding ongoing geopolitical uncertainty, weather-related disruption and continued pressure across parts of the logistics sector.
“The group’s integrated logistics strategy continues to translate into quality earnings, underpinned by hard-to-replicate infrastructure and disciplined capital allocation.”
Record port operations
The Port and Terminals division served as the primary growth engine for the period, supported by the full consolidation of the Matola Terminal. The Port of Maputo set a monthly throughput record of 1.623 million tonnes in June 2026, bringing total dry-bulk exports through Maputo to 8.4 million tonnes for the half-year (up 29% from 6.5 million tonnes in H1 2025).
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In South Africa, the Navitrade facility in Richards Bay and Maydon Wharf in Durban achieved strong volume growth. Matola handled 4.2 million tonnes during the period, slightly down from 4.5 million tonnes in H1 2025 due to weather disruptions in the Phalaborwa catchment area and elevated freight costs.
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Logistics and rail expansion
The Logistics division delivered mixed performance as container handling and clearing services faced softer trading conditions. However, execution of a key rail access agreement in South Africa positions the division to leverage the country’s evolving Open Access rail framework.
Addressing the strategic growth trajectory, Mabaso added: “Execution of the rail access agreement is a particularly significant milestone. It positions Grindrod to participate in South Africa’s evolving rail landscape and creates the platform to unlock inbound capacity, expand integrated logistics solutions and strengthen competitiveness over the medium term.”
Capital structure and debt
Grindrod confirmed it is finalising a Common Terms Arrangement (CTA) with lenders to consolidate its long-term borrowings across South Africa, Mauritius, and Mozambique under a single legal framework. Following regulatory approvals, the debt restructuring programme is scheduled for completion by the end of August 2026.
The ordinary dividend will trade ex-dividend from Wednesday, 9 September 2026, with payment scheduled for Monday, 14 September 2026.
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