Grindrod’s ports and terminals business bolstered, carried by stronger cargo flows and the full consolidation of its Matola terminal in Mozambique, which handles bulk commodities moving through the Maputo corridor.The port of Maputo’s dry bulk terminal exported a record 8.4-million tonnes in the first half, with June also setting a monthly throughput record of 1.6-million tonnes, the group said in its six months results to end in June. “In South Africa, Navitrade and Maydon wharf recorded strong growth in volumes, while Matola handled 4.2-million tonnes during the period. The decline from a year earlier was mainly due to weather disruption in the Phalaborwa catchment and higher freight costs,” the group said.The group’s headline earnings per share were largely unchanged at R592.6m in the first half of the year, and it declared a gross interim dividend of 24.3c per share.The group’s logistics segment weathered mixed trading conditions, with container, ships agency, clearing and forwarding operations facing a softer market, while rail performance was weighed down by reduced locomotive deployment. This was partly offset by an increase in northern Mozambique graphite shipments, though the Eswatini sidings were wound down after Belfast coal ceased transiting to Maputo via the route.“Locomotive redeployment is set to accelerate in the second half, while the rail access agreement positions the segment for a step-change contribution as open access begins in early 2027,” the group said.Revenue rose to R2.8bn, while earnings before interest, tax, depreciation and amortisation (ebitda) jumped to R884.2m.Cash generated from operations increased to R561.4m as the group advanced the Matola terminal expansion and rail infrastructure ahead of South Africa’s open access framework, which will allow third-party operators to use the country’s rail network.The group provided R2.8bn in guarantees for loans and facilities extended to subsidiaries and joint ventures, with a portion drawn at end-June. It is also disputing tax claims in South Africa and Mozambique, but said the likelihood of a material liability was low.The group noted progress had been made on its debt restructuring programme, aimed at lowering funding costs and aligning its debt profile with its capital investment plans. The programme is expected to be completed in August.It said demand across its key export commodities remained resilient, supporting terminal throughput despite volatile prices. It said longer-term trends in electrification, energy security and industrial development continued to support demand for southern Africa’s export infrastructure and regional trade corridors.“We enter the second half with strong operational momentum and clear priorities. Despite macroeconomic and geopolitical uncertainty, the structural fundamentals supporting regional trade and commodity demand remain compelling,” the group said. Business Day