116-year-old South African company loses R1.99 billion in a single day

• Grindrod, a 116-year-old South African company, lost approximately R1.99 billion in a single day due to a sharp decline in its expected statutory earnings.
• The decline in earnings is attributed to a 57.5% to 60.9% drop from the R1.47 billion reported in the corresponding period last year, mainly due to the absence of once-off gains recorded in the previous financial year.
• The company's share price fell by 11.35% on 12 August 2026, and its market capitalisation was reduced, but the underlying performance of the business remains relatively stable, and Grindrod is expected to continue its operations.