State owned enterprise, Transnet, has recorded a revenue increase of 1.3% taking it to R75.1 billion in the financial year end March 2020.
The company says it has performed below its potential in recent years, which has constrained its financial position.
This is due, amongst others, to a result of insufficient maintenance of ageing infrastructure and sluggish domestic and global economic growth.
State owned enterprise Transnet’s annual revenue is up by 1.3%, this brings its revenue results to R75.1 billion.
In this video below, Transnet records a revenue increase of 1.3%:
Transnet says it has been recording a steady annual revenue increase in the past 5 years amid its challenges faced.
However it says it is concerned about the theft and vandalism of its infrastructure that hinders its business operations.
Transnet CEO Portia Derby says: “It is phenomenal of how much cable theft that we have seen which increases the cost of doing business because we now have to budget for business that was not included in our budget.”
In this video below, Transnet tackles criminality targeted at its pipelines:
Transnet says it hopes it doesn’t have to go knocking at government’s door for any bail-outs or financial guarantees in the future.
Transnet CFO Nonkululeko Dlamini says: “We believe there’s enough opportunity for Transnet to not go knocking at governments door for a bail out, we can do more without requesting any government support.”
Minister of enterprises, Pravin Gordon who was present at the briefing says he applauds Transnet for being a self-cash generating SOE.
He says it’s good to hear of an SOE that does not rely on government support.
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