Terry Hutson
HAVING ENDED the year R66 million in the red one might have excused Grincor had they been anything less than optimistic about the future.
However, that's not the case, and managing director Ivan Clark says he and his board have every reason to feel strong about the year ahead, in which they see their shipping, freight and financial services returning to profitability.
The bulk of the 1999 loss was incurred in the first six months, when our markets were at their lowest. Conditions have been improving steadily since the middle of the last year in both shipping and freight divisions, Clark told FTW.
He also announced a new corporate identity for the Durban-based company. Our new-look logo symbolises the many positive changes which have been introduced in the group in recent months. These are in line with our strategic plan to equip Grincor to deal more effectively with the peaks and troughs of its markets.
In recent months Grincor has strengthened itself with the acquisition of the 40% shareholding in Unicorn previously held by SA Marine Corporation, the purchase of Island View Shipping, and three significant joint ventures, namely P&O Grindrod Logistics, Eyethu Ships Agencies and Ršhlig Grindrod.
On top of that the financial services shareholding in the Marriott Group went up from 32% to 50%, which Clark believes will stand Grincor in good stead particularly in the area of ship financing, insurance and properties.
Clark stressed the importance of e-commerce in the future and the expectations of seamless service levels in a globalised environment. He added that Grincor had enhanced its international position through its tie-up with P&O Trans European, Ršhlig and with a black empowered ships agency.
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