South African logistics giant Grindrod ups dividend by 84% on exceptional Mozambique port performance
South Africa-based ports and logistics group Grindrod has increased its 2023 dividend by 84% following a record performance at its operations in neighbouring Mozambique.
Business Report wrote on March 8 that the group’s port and terminals segment headline earnings grew 35% after the port of Maputo in Mozambique achieved record volumes of 12.6mn tonnes in 2023, up 28% from the prior period.
Volume growth was due to strong demand for chrome and ferrochrome volume exports and an eight percent increase in rail volumes transported. Grindrod’s dry bulk terminals in Mozambique handled a record 12.9mn tonnes, up 14% in 2022.
Grindrod’s 2023 performance benefitted from growing inefficiency at South Africa’s main port, Durban, which has seen cargoes diverting to Maputo.
Engineering News cited Grindrod chief executive, Xolani Mbambo indicating that the Johannesburg Stock Exchange-listed group would need to grow freight volumes at Maputo through, among other options, vehicle importation contracts, while then also matching these with export contracts.
He said there “was some heavy work” happening behind the scenes to make that balance a reality.
Another element that would secure the car terminal’s future would be for the facility to be the import hub for grey vehicles in Mozambique, as well as the transshipment hub for vehicles distributed north of South Africa.
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