By Thebe Mabanga
State-owned logistics company Transnet continued its recovery as it significantly narrowed losses and ramped up investment in capital equipment.
The ports, rail and pipeline operator delivered their financial results for the year to March this year at the Johannesburg Stock Exchange (JSE) on Friday Morning.
During the year under review and in the period since, Transnet also helped deliver a key economic reform programme for opening the railway network to third parties, officially ending its monopoly on the railway network.
The Transnet Recovery Plan was rolled out in the last quarter of 2023 when the new board assumed office, and it gathered momentum in March 2024 with the appointment of a permanent executive team led by advocate Michelle Phillips.
For the year to March, revenue rose by 7.8% to R82.7 billion, while net operating expenses declined by 4.9% to R52.1 billion, pointing to a stronger profit outlook.
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