http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.08Change: 0.09
R/$ = 11.60Change: -0.02
Au 1283.00 $/ozChange: -2.95
Pt 1255.50 $/ozChange: -4.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 22, 2012

Grindrod doubles net profit, commits R1.3bn capex

Back
CoAL|Grindrod|Marine|Vitol Group|Mozambique|Maputo Coal Terminal|Logistics|Service|Services|Alan Olivier
CoAL|Grindrod|Marine||||Logistics|Service|Services|
coal|grindrod|marine|vitol-group|mozambique|maputo-coal-terminal|logistics|service|services|alan-olivier
© Reuse this



JSE-listed logistics and shipping group Grindrod on Wednesday reported a 119% jump in net profit to R608-million for the six months ended June, from the R277-million recorded in the first half of 2011.

Revenue for the period reached R19.65-billion – a 11% rise from R17.77-billion in the corresponding period last year, as the divisions marine fuels trading and terminals  increased volumes.

The freight services division achieved an income of R508-million, including profit from the sale of 35% of the company’s stake in the Maputo Coal Terminal, during the first half of 2012, up from R154-million in the prior year. Trading income for the division reached R171-million. The trading and financial services divisions each earned R96-million and R22-million, respectively, while the shipping division recorded a loss of R121-million.

Freight service’s drybulk terminals achieved a volume increase of 30% to 5.5-million tons, and CEO Alan Olivier expected an increase in volumes for the next six months.

Grindrod, which poured R787-million into capital expenditure over the last six months, 70% of which was used for expansionary purposes, would invest another R1.13-billion in the next six months. The bulk of this was allocated to its freight services division and included funding to complete Phase 3.5 of the Maputo Coal Terminal, in Mozambique.

Phase 3.5, which would be complete in 2013, was expected to add 1.3-million tons of capacity to the terminal, increasing the terminal’s capacity to 7.3-million tons a year.

The Phase 4 feasibility stage, which outlined the expansion of capacity at the terminal by 20-million tons, would be completed in the last quarter of 2012.

The coal terminal, in which Grindrod sold a R415-million, 35% stake to the Vitol Group earlier this year, recorded a 32% increase in volumes, reaching 2.1-million tons in the six months to June.
 

Edited by: Mariaan Webb
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Transport & Logistics News
Domestic Opel sales grew by 36%, to 3 700 units, last year compared with 2013, says General Motors South Africa (GMSA) operations VP Ian Nicholls. “I would expect to at least double our Opel sales in 2015. That’s the step up you would expect. It’s going to be a big...
Article contains comments
INSTALLATION The system could also pinpoint an aircraft to within two nautical miles
National carrier South African Airways (SAA) is deploying a locally developed satellite payment system, which is also able to track the aircraft anywhere in the world, across its fleet of airliners. The system, developed by satellite authorisation company SatAuth,...
Port of Saldanha
The establishment of a customs control area (CCA), or free port, within the newly designated Saldanha Bay Industrial Development Zone (SBIDZ) is being held up as a major drawcard for potential oil and gas services investors into the 330 ha site, situated alongside...
More
 
 
Latest News
Updated 1 hour 40 minutes ago The chances of power cuts being implemented on Thursday were minimal, electricity supplier Eskom said. "Today's risk of load shedding is minimised, it looks like the system is relatively stable," spokesperson Khulu Phasiwe said.
Thabo Kgogo
Dual-listed oil and gas company SacOil has completed Phase 1 of the field development operations at the Lagia oilfield in Sinai, Egypt. The South African-based independent company, through its subsidiary Mena International Petroleum Company, also completed hydraulic...
More
 
 
Recent Research Reports
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
 
 
 
 
 
This Week's Magazine
BRUCE BRADFORD The 3D printers have a clear upgrade path to eventually print in wood, ceramics and metal-alloys
Three-dimensional (3D) printers being sold in South Africa by electronics distributor Rectron currently print in two types of plastic, but have a clear upgrade path over the next five years to eventually print in wood, ceramics and metal-alloy materials, says Rectron...
The world’s two dominant commercial aircraft manufacturers, Airbus of Europe and Boeing of the US, both recently announced that they had made record aircraft deliveries in 2014. Boeing set a global record for the industry with 723 commercial aircraft delivered, while...
The Western Cape is shifting further into the renewable-energy space with the official opening of a factory specialising in solar inverters, a key component of solar photovoltaic (PV) plants. The investment in the manufacturing facility in Cape Town aims to boost the...
Business Leadership South Africa (BLSA) last month welcomed Cabinet’s establishment of a technical team war room to undertake various interventions to improve electricity supply security over the short- and medium-term, but added that the private sector also had a...
Despite a rapid rise in mobile connections and the economic and social benefits of such connectivity, more than half of the world ended 2014 unconnected. For this reason, industry commentators believe the biggest impact of mobile technology is still to come –...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks