Grindrod Shipping (GSH) FY23 – Results Snapshot

Basic HEPS -0.41 USD (LY: 5.42 USD).
Turnover decreased by 15.9% y-y to $387m.
GPM increased from 36.2% to 43.1%%.
Expenses decreased by 29.3% y-y while expense-to-sales decreased from 10.4% to 8.8%.
No dividend for 4Q23 (4Q22: 0.03 USD). Dividend of 0.03 USD for FY23 (FY22: 1.34 USD ordinary dividend with an additional 5.00 USD special dividend).
Cash generated from operating activities down 16.6% y-y to $155m.
Handysize TCE per day decreased by 53.2% y-y to $10 351 for FY23. Supramax/Ultramax TCE per day decreased by 46.1% y-y to $13 908 for FY23.
Grindrod Shipping disclosed TCE per day for 4Q23 of approximately $11 875 per day for Handysize and approximately $14 795 per day for Supramax/Ultramax.