Johannesburg-listed shipping and freight logistics firm Grindrod Limited, the parent company of Cockett Marine Oil (jointly owned by Vitol), posted a 59% decrease in losses for the financial year ended 31 December 2017 (FY2017).
It registered net loss of R1.30 billion ($110 million) in FY2017, lower than loss of R3.17 billion in FY2016, according to earnings results.
Total revenue for FY2017 was R3.06 billion, lower than revenue of R3.29 in the earlier year.
Its marine fuels and agricultural logistics department recorded a combine net profit of R57.78 million in FY2017, returning from net loss of R189.83 million in FY2016.
Revenue for the similar sector was R17.59 billion in FY2017, higher than revenue of R14.81 billion in the year before.
“Improvements in agricultural yields saw the agricultural businesses return to profit following the adverse effect of the drought in 2016, while marine fuels supplier Cockett Marine Oil returned to profit as the bunker fuels market recovered,” it said.
Moving forward, Grindrod says it intends to restructure by listing its shipping business on Nasdaq; it also plans to close its rail assembly business and sell the rail construction business.
“The change in the business cycle has impacted positively on the business and has provided the stimulus to implement the spin-off of the shipping business with a planned listing amongst its peer group on the Nasdaq with an inward listing on the JSE,” says Mike Hankinson, Executive Chairman Grindrod.
“We are confident that the restructured group is well positioned to benefit from increasing shipping rates, stronger demand for commodities and a more positive outlook for South Africa.”
Photo credit: Cockett Marine Oil
Published: 27 March, 2018
FTI Consulting’s Rod Sutton is Chief Restructuring Officer and will work with restructuring specialist firm Quantuma to navigate the group’s current challenges.
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