Transnet, the state-owned South African logistics group, reported a loss of 7.3 billion Rand ($408,72 million) for the year ending March 2024. This is up from a loss of 5.1 billion Rand a year before.

Transnet, a debt-laden company, has been struggling to provide adequate rail freight and port services in Africa's largest industrialised nation for many years.

Transnet reported that its revenue increased by over 11% during the last financial year due to tariff increases, higher rail and ports volumes and a provision made for litigation. However, its net operating costs rose by over 19%.

(source: Reuters)