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Pre-Close Statement and Update on Performance
GRINDROD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Share code: GND & GNDP
ISIN: ZAE000072328 & ZAE000071106
("Grindrod")
PRE-CLOSE STATEMENT AND UPDATE ON PERFORMANCE
Introduction
The first half of 2025 was a tale of two distinct quarters with a slow start to the year followed by a solid recovery
from March, particularly in Terminals. Strategy execution progressed well with R0.9 billion in cash collected from
non-core asset disposal. The consolidation of the Matola terminal is already delivering value through the full
ownership of the asset. The signing of the container facility operator agreement at the port of Richards Bay marks
a strategic entry into the quayside container terminal operations.
Market performance review
Mining commodity markets experienced a period of weakness during the first five months of this year compared to
the same period in 2024, characterised by sluggish prices, particularly iron ore, lithium, graphite and
coal. Continuing slow-down on global growth, trade tensions and policy uncertainty will add downward pressure on
the mining commodity market outlook.
Operational performance review
A safe working culture with zero-harm to our employees remains our focus, with key safety performance indicators
well above target.
The dry-bulk terminal operated by the port of Maputo achieved exports of 5.2 million tonnes per annum ("mtpa")
(2024: 5.8 mtpa) for the five months ended May 2025 ("period"). Exports from Grindrod's dry-bulk terminals
recovered following stabilisation of cargo flows from a slow start this year, with the Matola terminal reporting record
volumes of 1.1 mtpa in May. Terminals volumes of 6.7 mtpa for the period (2024: 6.9 mtpa) reflect an strong
recovery during the second quarter.
The ships agency and clearing and forwarding business remained resilient during the period, however, container
and graphite volumes in Northern Mozambique remained subdued. The low productivity in locomotives due to
refurbishment programme downtime currently underway impacted on the segmental performance.
Financial performance review
Grindrod's 24.7% share of earnings from the Port of Maputo was R165.9 million (2024: R178.0 million). The
earnings before interest, tax, depreciation and amortisation ("EBITDA") margin in the Port and Terminals segment
was 35% (2024: 33%). The Logistics EBITDA margin, excluding transport brokering, slowed to 25% (2024: 32%).
Gross debt as at 31 May 2025 increased to R3.7 billion (2024 December: R2.9 billion), largely due to the
consolidation of sub-concession lease liabilities at the Matola terminal following the equity buy-up, which has been
provisionally accounted for. The Group's net debt is unchanged at R0.4 billion despite the Matola terminal equity
buy-up for R1.4 billion, a reflection of a strong balance sheet.
Strategy update
The period saw the successful conclusion of the acquisition of the remaining 35% interest in the share capital of
the Matola terminal for R1.4 billion, and the cash collection of R0.9 billion from the non-core asset divestiture.
These corporate actions are in line with Grindrod's strategy to exit non-core assets and focus on the core business.
Investor call
Grindrod will host a pre-close investor call based on this release at 09:00 (SA-time) on Wednesday, 25 June 2025.
Please contact investor relations, Reshmee Soni at investorrelations@grindrod.com for the details of this meeting.
Post the call, a recording of the call will be available at: https://www.grindrod.com/investor-proposition/shareholder-
documents
Grindrod will release its results for the six months ended 30 June 2025 on the JSE's Stock Exchange News Service
on Friday, 22 August 2025.
24 June 2025
Durban
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 24-06-2025 05:20:00
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