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Grindrod reports, in its unaudited results for the first half (H1) of 2018, that its marine fuel business benefitted from increased oil prices and higher tonnage as its marine fuel and agricultural logistics division posted a year-on-year (YoY) rise in revenue and earnings.

Revenue for the segment between January and June climbed YoY by ZAR 402.38m, or 4.6 percent, to ZAR 9,122.39m ($640.47m).

Operating profit for marine fuel and agri logistics was up ZAR 0.53m, or 2.2 percent, to ZAR 24.43m ($1.72m); EBITDA rose ZAR 0.63m, or 2.2 percent, to ZAR 29.13m ($2.05m); and net profit jumped ZAR 28.71m, or 170.9 percent, to ZAR 45.51m ($3.20m).

In its overall results for H1, South Africa's Grindrod posted a profit for the period of ZAR 2,425.33m ($170.28m) compared to the previous year's loss of ZAR 48.82m. Revenue from continuing operations improved by ZAR 68.20m, or 4.6 percent, to ZAR 1,549.84m ($108.81m).

Grindrod jointly owns bunker firm Cockett Marine Oil with Vitol (50 percent). As previously reported, the marine fuel specialist swung into profit last year after initially reporting a loss during the first six months.

Headquartered in Dubai, Cockett operates globally from 15 offices and claims to trade in excess of 7 million metric tonnes per annum.