More profit for Grindrod

South Africa’s Grindrod has increased its profit in the second quarter while raising capital of ZAR 2.4bn ($225m) to secure equity for a growth plan.

The company said that net earnings for the three months ended June rose by 28% to ZAR 736m.

Revenue climbed to ZAR 4.4bn from ZAR 3.6bn.

In its report, the South African tanker and bulker owner said that performance of the shipping division was acceptable and rates achieved in the dry bulk segment were higher than in the previous corresponding period.

During this three-month period, Grindrod acquired assets of ZAR 463m.

In late July, 8.4% stake of the company was taken over by Johannesburg-based Brimstone Investment for ZAR 1.6bn.