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The Top 20


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Top Companies 2003
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25 June 2004 Xerox. The OriginalXerox. The Original

SA's Top 20 Companies

6 GRINDROD





Total score: 57,2 Historic score: 48 FM's score: 63

Grindrod is riding high on a strong shipping market and the benefits of a fleet upgrade and expansion strategy over the past three years. This produced a doubling of EPS between 2001 and 2003 and there is more to come as demand for ships for world trade continues to outstrip the supply of new vessels. Grindrod is also trying to reduce earnings volatility by diversifying into freight management, but a booming shipping market leaves Unicorn and Island View Shipping producing almost 90% of operating profit. Empowerment remains high on Grindrod's agenda, despite an aborted deal with J&J in 2003.




Grindrod rides the wave of demand


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