South Africa

Transnet sees 1.3% revenue rise, says committed to helping economy grow

JOHANNESBURG - Transnet on Friday said while it had been affected by the COVID-19 pandemic, the state-owned enterprise was committed to doing its part to help grow the economy.

The logistics firm has posted a 1.3% increase in revenue for the 2020 financial year from R74 billion to R75.1 billion.

Transnet said that irregular expenditure in this year was lower at R9.97 billion compared to R18.51 billion last year.

- ALSO READ: Gigaba’s ex-advisor denies involvement in Gama’s return at Transnet

The company, which operates nearly three-quarters of Africa's rail network, the bulk in South Africa, has been investigating allegations of corruption.

It has blamed contracts in previous years for the spending that did not comply with legislation.

- ALSO READ: Gupta associate Salim Essa had knowledge of contracts at Transnet

CFO Nonkululeko Dlamini said: “We operate in the South African economy and I think when things happen, whether it’s load shedding, but also in the context of the sluggish economic growth, for whatever reason, when you talk about a modest increase in revenue, it really does talk to the economic conditions that we experience.”

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