Grindrod Shipping (GSH) 1H23 – Results Snapshot

Diluted HEPS 6.0 USD cps (-98.6% y-y).
Turnover decreased by 31.6% y-y to $186m.
GPM decreased by 261bps to 12.6%.
Expenses decreased by 11.8% y-y while expense to sales increased from 5.8% to 7.5%.
No dividend for Q2 2023 (Q2 2022: 84.0 USD cps). Dividend of 3.0 USD cps for 1H23 (1H22: 131.0 USD cps).
Cash generated from operating activities down 34.1% y-y to $91m.
Handysize TCE per day decreased by 57.8% y-y to $10 542 for 1H23. Supramax/Ultramax TCE per day decreased by 49.4% y-y to $13 968 for 1H23.
Grindrod Shipping disclosed TCE per day for Q3 2023 of approximately $9 965 per day for Handysize and approximately $12 810 per day for Supramax/Ultramax.
A special resolution was passed at an EGM for a capital reduction which would result in a total cash distribution up to a maximum of $45.0m.