Efforts to address mismanagement at Transnet after years of misappropriation and malfeasance during the state capture years are paying off under the current board’s “clean sweep” strategy, it emerged yesterday.
The parastatal’s performance, the state-owned freight and rail company said, could be seen in “solid results” posted for the year ending March 31.
Revenue increased by 1.6% to R74.1 billion, with operating costs contained at R40.2 billion – the same amount year-on-year.
Earnings before interest, taxation, deductions and amortisation (Ebitda) also improved, having gone up 3.8% to R33.5 billion.
Additional information shared with the media yesterday during Transnet’s results announcement included profit for the year that has gone up 24.7% to R6.0 billion, capital investment reported at R17.9 billion, cash generated from operations up to R35.2 billion (0.7%), gearing at 44.5% and cash interest cover – 2.9 times.
In respect of capital investment, the parastatal said it had spent R183.5 billion over the last seven years.
Occupational safety formed part of the results, with Transnet reporting a disabling frequency rate of 0.71.
That rate, it said, had been “below 0.75 for the eight consecutive year and well below the global benchmark of 1.0”.
