http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.01Change: 0.00
R/$ = 10.67Change: -0.04
Au 1287.51 $/ozChange: 0.01
Pt 1424.50 $/ozChange: -1.50
 
 
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 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)
 
 
 
 
 
 
 
 
 
Latest News
The pump prices of both grades of petrol and wholesale diesel, as well as the maximum retail prices of illuminating paraffin and liquefied petroleum gas (LPG), are set to decrease from September 3, the Department of Energy said on Friday. Petrol would drop by 67c/l,...
The amount owed to municipalities for services has continued to rise, reaching R94-billion by June, compared with the R93.3-billion recorded in December. Households still accounted for the bulk of the aggregate municipal consumer debts; however, this had declined...
More
 
 
Recent Research Reports
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...
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.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
 
 
 
 
 
This Week's Magazine
South African State-owned defence industrial group Denel has announced its fourth consecutive year of profits. The group's results for the financial year 2013/2014 were recently announced at its head office in Centurion, south of Pretoria. Revenues grew by 17%, net...
There is little opportunity for JSE-listed infrastructure company Group Five to grow shareholder value in the domestic market, says CEO Mike Upton. He says value can still be found in the private sector, in the renewable and industrial power sector, as well as in...
The National Association of Automobile Manufacturers of South Africa (Naamsa) has announced the event dates of the 2015 Johannesburg International Motor Show (JIMS). The event will take place from October 14 to October 25, 2015, at the Johannesburg Expo Centre, Nasrec.
UK engineering support services provider Babcock is set to deliver the largest order of global truck manufacturer DAF’s truck tractors in Southern Africa to bulk carrier road-based logistics company Ngululu Bulk Carriers (NBC), with 133 trucks to be delivered in...
Digital radio communications in the African local government space can open up the world, but have many challenges to overcome, notes integration and migration of legacy radio communications infrastructure with digital mobile radio company Emcom Wireless head of...
 
 
 
 
 
 
 
 
 
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