South Africa’s state-owned logistics firm reported a significant increase in its losses for the fiscal year ending in March 2024, reaching 7.3 billion rand ($408.72 million), up from 5.1 billion rand the previous year.
Facing substantial debt, the company has struggled to maintain effective freight rail and port services, which has hampered economic progress in the country.
Despite an 11% rise in revenue driven by tariff increases and greater rail and port volumes, net operating expenses surged by over 19%, primarily due to costs associated with ongoing legal challenges.
