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Catch up on the biggest stories this Thurday, 10 September 2026, in our simple daily news update.
South African state-owned logistics firm Transnet has posted its first profit in four years, marking a significant turnaround. The company reported a R4.6 billion profit for the year ended 31 March 2026, a 100% improvement from the previous year's R1.9 billion loss. Transnet CEO Michelle Phillips acknowledged that the company still has a long way to go to achieve full recovery, citing ongoing challenges such as under-investment in the rail network and theft-related issues.
Revenue grew by 7.1% to R88.6 billion, driven by tariff increases and volume gains. Transnet achieved this despite difficulties in the rail business, including declining reliability of its fleet and theft/vandalism. The company also received an unqualified audit from the Auditor-General, confirming the accuracy of its financial statements.
In a strategic move, Transnet established Durban Gateway Terminal (DGT) and disposed of a majority stake to International Container Terminal Services Inc. (ICTSI) for R10.5 billion, resulting in a R12.5 billion profit from the disposal. This deal transferred management control of DGT to ICTSI, and Transnet now holds a 50.001% share in the company.
The Auditor-General expressed satisfaction with the audit process, noting that it was thorough enough to provide a reliable basis for the company's financial statements. Looking ahead, Transnet is fully implementing its Reinvent for Growth (R4G) strategy, aiming to build on recent gains and position itself for long-term sustainability in a competitive logistics market.
Written by urgent.news from The Citizen's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
