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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News

Grindrod issues annual report

09 Mar 2017 11:33 GMT

Report follows release of audited results on 2nd March, with Cockett Marine Oil posting a loss.

Following the release of Grindrod Ltd's audited results for 2016 on 2nd March, the company has today issued a 21-page Final Results Announcement Booklet.

Last week, the South Africa-headquartered firm posted a net loss of ZAR 1,840 million (US$141 million) for 2016, compared to a net loss of ZAR 1,369 million ($105 million) the previous year.

A full-year headline loss (losses generated by operations and investment activities) of ZAR 459.5 million ($35.3 million) was recorded following the headline loss of ZAR 381.1 million ($29.3 million) reported for the first six months of the year.

Revenue in 2016 fell to ZAR 9,032 million ($694 million) from 10,192 million ($783 million) the previous year.

Cockett Marine Oil, which is jointly owned by Grindrod (50 percent) and Vitol (50 percent), reported a loss in 2016. This was said to be due to "lower volumes, smaller margins, the impact of the cancellation of a lease contract and the provision for material doubtful debts".

Operating globally from 16 offices, Dubai-headquartered Cockett is one of the world's leading bunker companies and claims to trade in excess of 7 million metric tonnes per annum.

Last month, Grindrod indicated in a trading statement prior to the release of the company's final results that its bunker barge business had had a positive impact on results despite headline losses.

Commenting on its business performance in today's annual report, Grindrod said: "Management focused on mitigating the effects of the markets, through restructuring businesses for improved efficiency, exploring inter-group synergies, brokering more favourable rates for customers in partnership with other logistics service providers to retain volume, negotiating contracts with existing and new customers and laying the foundation for commodity diversification."

Grindrod added that its strategy is "to grow the business organically, by acquisition and seeking synergies within the group, with specific focus on Africa, to become a fully integrated freight and logistics service provider."

Commenting on its prospects for the future, Grindrod said: "There are signs that some markets are beginning to stabilise, although the supply and demand balance in shipping remains fragile."

"The group remains cash-generative at operating level and well positioned to capitalise on opportunities and investments outlined in its strategy and business plan," Grindrod added.

The full can be viewed by clicking on the link below.

Grindrod - 2016 Final Results Announcement Booklet

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