Grindrod results break records

TERRY HUTSON GRINDROD HAS recorded yet another excellent year with earnings lifted by 56% to R851 million for the financial year to December 2005. According to Grindrod chief executive officer Ivan Clark, good trading in December ensured that group earnings were ahead of those forecast in a recent trading update. “It is a record year for Grindrod and I can see no reason why earnings shouldn’t grow further although at a lower rate from the now much higher earnings base of the group”. Shareholders will again be satisfied with headline earnings per share increasing by 53% to R1.85 per share and total dividends of 49% up and a final dividend of 32 cents per share being declared to shareholders - compared to 25 cents for the same period in 2004. Dry bulk shipping markets benefited the group’s spot fleet and the high level of contracted income provided a solid earnings base. The group’s shipping services’ contributed 89% of the group’s earnings with earnings growth of 54% over last year. The trading, freight and financial services division reported an improved performance with a 72% growth in earnings over the prior year coming off a low base.