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The logistics company has recorded a 1.3% increase in revenue for fiscal year 2020 from R74 billion to R75.1 billion.
JOHANNESBURG – Transnet said on Friday that while it had been affected by the COVID-19 pandemic, the state-owned company was committed to doing its part to help the economy grow.
The logistics company has recorded a 1.3% increase in revenue for fiscal year 2020 from R74 billion to R75.1 billion.
Transnet said that irregular spending in this year was less than R9.97 billion compared to R18.51 billion last year.
– READ ALSO: Gigaba’s former adviser denies his participation in Gama’s return to Transnet
The company, which operates nearly three-quarters of Africa’s rail network, most of it in South Africa, has been investigating allegations of corruption.
It has blamed contracts from previous years for spending that did not comply with the law.
– READ ALSO: Gupta’s associate, Salim Essa, had knowledge of contracts at Transnet
CFO Nonkululeko Dlamini said: “We operate in the South African economy and I think that when things happen, whether in reducing cargo, but also in the context of slow economic growth, for whatever reason, when talking about a modest increase in income, it really speaks to the economic conditions that we experience. “
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