Wrap Text
Reviewed results and dividend announcement for the year ended 31 December 2023
GRINDROD LIMITED
Registration number: 1966/009846/06,
Incorporated in the Republic of South Africa
Share code: GND and GNDP ISIN: ZAE000072328 and ZAE000071106
("Grindrod", or "the Company" or "the Group")
Reviewed results and dividend announcement for the year ended 31 December 2023
EBITDA*
^16%
R2 513 million
(2022: R2 174 million)
Headline earnings*
^29%
R1 359 million
(2022: R1 057 million)
Net asset value per share
^13%
1 368 cents per share
(2022: 1 211 cents per share)
Total interim and final ordinary dividends
^84%
72.4 cents per share
(2022: 39.4 cents per share)
Maputo port concession extension to 2058
* Core business inclusive of joint ventures.
CORE BUSINESS
Grindrod achieved headline earnings growth of 29% in its core operations compared to the full year-ended 31 December 2022 ("the prior period").
Port and Terminals headline earnings grew 35% on the prior period. The port of Maputo achieved record volumes of 12.6 million tonnes, up 28% from the prior
period. Grindrod's drybulk terminals in Mozambique handled 12.9 million tonnes, up 14% on the prior period. The conveyor belt linking Grindrod's Navitrade
drybulk facility in Richards Bay is now commissioned.
Grindrod's Logistics segment delivered strong results despite subdued charter markets in the seafreight business. Headline earnings from ships agency and
clearing and forwarding businesses grew 49% on the prior period. Grindrod's locomotive deployment rate closed strong at 70% with positive prospects in 2024.
Reviewed Audited
31 December 31 December
2023 2022 Change
Core operations inclusive of joint ventures* Rm Rm %
Revenue** 7 490 7 405 1
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 2 513 2 174 16
Profit attributable to ordinary shareholders 1 334 1 090 22
Headline earnings 1 359 1 057 29
* Core operations includes Port and Terminals, Logistics and Group.
** Revenue was impacted by reduced value added services mineral export sales and charters. Revenue includes R999.4 million (2022: R1 787.3 million)
relating to the above-mentioned revenue streams.
NON-CORE BUSINESS
The period's results include fair value losses of R255.7 million on the private equity portfolio, including full impairment of the asset financing
investment. In addition, net provisions and fair value losses of R77.9 million relating to the KwaZulu-Natal North Coast property loans were recorded.
GROUP RESULTS
The Group reported earnings of R987.8 million against R601.1 million in the prior period. Headline earnings increased by 18% to R1 012.4 million compared to
R859.7 million in the prior period. Results presented below include continuing and discontinued operations.
Reviewed Audited
31 December 31 December
2023 2022 Change
Total Group on a legal basis Rm Rm %
Revenue^ 4 846 6 332 (23)
EBITDA 923 1 224 (25)
Basic earnings 988 601 64
Headline earnings 1 012 860 18
Basic earnings per share (cents) 148.0 90.1 64
Headline earnings per share (cents) 151.7 128.9 18
^ Revenue was impacted by reduced value added services mineral export sales and charters, the disposal of Grindrod Logistics and no discontinued
operations revenue in the current year. Revenue includes R999.4 million (2022: R3 472.8 million) relating to the above-mentioned revenue streams.
DECLARATION OF DIVIDEND
Ordinary dividend
Notice is hereby given that a final gross dividend of 38.0 cents per share has been declared out of income reserves for the year ended 31 December 2023
(2022: 22.2 cents per share). The final net dividend is 30.4 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 final gross preference dividend of 521.0 cents (2022: 421.0 cents) per cumulative, non-redeemable, non-participating and non-
convertible preference share has been declared out of income reserves for the year ended 31 December 2023. The final net preference dividend is 416.8 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 Thursday, 07 March 2024
Last date to trade cum-dividend Tuesday, 02 April 2024
Securities start trading ex-dividend Wednesday, 03 April 2024
Record date Friday, 05 April 2024
Payment date Monday, 08 April 2024
No dematerialisation or rematerialisation of ordinary shares and preference shares will be allowed during the period Wednesday, 03 April 2024 to Friday, 05
April 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's website on 07 March 2024 at
https://senspdf.jse.co.za/documents/2024/jse/isse/GNDE/ye2023.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
07 March 2024
Review conclusion
The condensed consolidated financial statements for the year ended 31 December 2023 have been reviewed by Grindrod's auditors, Deloitte & Touche, who issued
an unmodified review conclusion report thereon. The auditor's review conclusion and the condensed consolidated financial statements are available on the
Company's website at www.grindrod.com. This short-form announcement has not been reviewed by Grindrod's auditors.
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: 07-03-2024 07:45:00
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