The tanker and bulker owner said profit was ZAR 1.26bn ($116.56m)last year, compared to ZAR 905.29m in 2012.

Revenue was down at ZAR 15.66bn from ZAR 27.26bn.

Shipping performed well, it said, producing earnings of ZAR 160.4m,up from ZAR 6m in the previous year.

Grindrod said there had been improved freight rates andincreased fleet utilisation in the bulker sector, but the tanker marketremained challenging.

The