South African transport utility Transnet on Tuesday reported a 15% increase in operating profit to R10,7-billion in the year ended March. Revenues grew by 8% to R28,2-billion, fuelled by strong volume growth across most of the company’s operating divisions. Earnings before interest, tax, depreciation and amortisation grew 12% to R11,5-billion.
Transnet has sold its housing loan book to the FirstRand group for R1,4-billion, its chief executive, Maria Ramos, announced in Johannesburg on Tuesday. Ramos said the sale of the non-core asset — which had been in process since October 2006 — was part of the company’s turnaround strategy that focused on freight transport.
Transnet’s plans to boost freight rail capacity include a feasibility study on a rail ring around greater Johannesburg to reduce delays, media reports said on Thursday. Moira Moses, the group executive for Transnet projects, said in a presentation: ”We want to build a new hub [to replace City Deep].” This proposal still needs to be presented to the Transnet board.
Transnet pensioners and their beneficiaries will receive bonuses totalling R125-million at the end of July, Transnet group chief executive Maria Ramos announced on Wednesday. The bonus will be paid and funded solely from Transnet’s resources.
Transnet is to sell its fleet-management and leasing business Viamax Holdings to the Bidvest Group for about R1-billion. The move signalled further progress in transforming the state-owned enterprise into a freight-transport company, Transnet said in a statement on Thursday.
South African services group Bidvest has agreed to buy Asia-based Angliss Foodservice for about -million and a local fleet management firm for ,3-million, the company said on Thursday. Bidvest said it had agreed in principle to acquire state-owned rail utility Transnet’s fleet management and leasing business Viamax Holdings for R1-billion.
South African transport utility Transnet on Wednesday launched the sale process for the Blue Train — the group’s hotel-on-wheels train. The disposal is part of Transnet’s transformation into a focused freight transport and logistics company. In terms of the competitive public-bidding process, launched on Wednesday, investors are being invited to express their interest.
Transnet and the government are facing an R8-billion legal claim from prominent businessman Sandile Zungu over a soured deal involving the sale of 80-million shares in cellphone company MTN, media reports said on Friday. The dispute arose after Transnet said in 2004 that it had picked Zungu’s company from 10 other bidders to buy the shares from Transnet.
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/ 13 February 2007
South African state-owned rail group Transnet and power utility Eskom on Tuesday invited offers for the purchase of IT firm arivia.kom, the groups said. Transnet and Eskom invited interested bidders to submit an expression of interest by March 14 as part of the bidding process for arivia.kom. The winning offer will also secure five-year outsourcing contracts with Transnet and Eskom.
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/ 30 November 2006
Rail, port and pipeline company Transnet has reported strong results for the first half of this financial year. Revenue was up 9% to R14,4-billion and operating profits up more than 7% to R4,6-billion, the parastatal announced in a statement on Thursday.