Grindrod Shipping Adds 9% On Better Quarterly Results

Shares of shipping company Grindrod Shipping Holdings Ltd. (GRIN) are up more than 9% at $20.98.

Wednesday, after market close, the company reported second-quarter results, better than the comparable quarter last year. Grindrod declared a dividend of $0.84 per share, its highest ever quarterly dividend.

Profit from continuing operations for the second quarter increased more than 100% to $56.76 million, or $2.99 per share from $22.79 million or $1.16 per share in the same quarter a year ago.

Excluding special items, earnings were $53.3 million or $2.81 per share.

Revenue from continuing operations for the quarter was $161.58 million, up from $109.8 million last year, due to improved market conditions in the drybulk business.

The quarterly dividend of $0.84 is to be paid on or about September 19, to shareholders of record as of September 9.

GRIN has traded in the range of $11.50-$28.98 in the past 52 weeks.

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