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As we approach the second half of 2025, it is important to pause and reflect on both our achievements and the challenges we've navigated. These moments of reflection not only measure our progress but also guide our strategy and reinforce our commitment to delivering sustainable value.
Strategy
This period marked a significant strategic step for Grindrod with the successful conclusion of our R1.4 billion acquisition of the remaining 35% interest in the Matola terminal. This gives us full ownership and more flexibility in how we operate and grow this strategic asset.
At the same time, we have completed the exit of KwaZulu-Natal north coast property backed loan and begun the process of exiting our 50% investment in Cockett Group for the total proceeds of R0.9 billion. These transactions are aligned with our strategy to divest from non-core assets and sharpen our focus on our core business.
Despite the sizable equity investment in Matola, our Group's net debt remains low at R0.4 billion, providing clear evidence of a strong balance sheet and disciplined capital allocation.
Operational wins
In May, our Matola terminal achieved a historic milestone, loading over 1075 638 tonnes, the highest monthly throughput on record. This remarkable performance is even more encouraging considering the operational disruptions we faced late last year, including the temporary suspension of rail operations and port activity due to the closure of the Lebombo Border.
We are pleased to report that operations in Maputo and Matola have returned to normal, and we have seen substantial recovery. Our dry-bulk terminal at the Port of Maputo achieved exports of 5.2 million tonnes for the five months ended May 2025. Grindrod's total terminal volumes for the period reached 6.7 million tonnes, recovering strongly from a slow start to the year and nearly matching the 6.9 million tonnes recorded for the same period last year.
Meanwhile, our ships agency and clearing and forwarding business have remained resilient, even as container and graphite volumes in Northern Mozambique continue to face headwinds. Locomotive productivity was impacted by downtime due to a refurbishment programme currently underway, which temporarily affected segmental performance.
Market conditions
Commodity markets, particularly those for iron ore, lithium, graphite, and coal, have softened compared to the same period in 2024. These market dynamics have tested our resilience, but our agility, infrastructure base, and customer-centric approach continue to set Grindrod apart.
Looking ahead
We are entering a new chapter in our journey. The recent signing ceremony between Transnet National Port Authority and Grindrod Eyamakhosi for the development and operation of a container terminal in Richards Bay signals a transformative era. This project will unlock new opportunities for local communities, boost regional trade, and drive efficiencies in containerised cargo logistics.
We are also gearing up to capitalise on third-party rail access opportunities in South Africa. With our fleet of locomotives and expertise, we are well-positioned to capitalise on open access slots and continue to move more cargo from road to rail.
With high barriers to entry and a presence in key ports and inland facilities, Grindrod holds a market-leading position. We are expanding our reach into diversified markets, including liquid bulk, agricultural cargo, and new minerals, with a robust pipeline of logistics investment opportunities under review.
As we look ahead, our focus is clear: aggressively pursue growth, strengthen partnerships, and invest in solutions that shape the future of logistics in sub-Saharan Africa.
At Grindrod, our customers remain at the heart of everything we do. Thank you for your continued support. To the Grindrod team, thank you for your dedication, teamwork and drive. Every milestone we achieve is a direct result of your efforts.