Strategy review

2017 key focus areas   Outcomes     2018 key focus areas
Unlock shareholder value by:

  • Spinning off the Shipping division as a separate business listed on an appropriate international stock exchange and the JSE.
  • Consolidation of the Freight Services division and exiting the non-core businesses.
  • Repositioning Financial Services to enable expansion of services within an enabling governance and funding structure.
  • Evaluated options and initiated negotiations on repositioning to achieve objective.
  • Continuing businesses returned to profit.
  • Disposal and closure of non-core rail assembly businesses.
  • Continued to grow revenue and profits, including strong performance from repositioned asset-management businesses.
  • Achieve primary foreign and secondary local listing in the first half of 2018.
  • Conclude exit from discontinued Rail businesses.
  • Continue to pursue growth opportunities.
  • Investigate expansion opportunities.

Freight Services


Optimise business operations to be sustainable despite negative market dynamics.

  • Reconfigured the divisional management structure and operating model to achieve sustainability and capitalise on synergies.
  • Returned continuing businesses to profit.
  • Exited the rail-assembly businesses successfully.
  • Explore potential acquisitions and mergers to create scale and improve sustainability.

Expand existing and acquire additional infrastructure assets to grow the business.

  • Completed the TCM berth rehabilitation and quay offset to accommodate fully-laden post-panamax vessels following the successful conclusion of the Port of Maputo dredging project.
  • Secured the ten-year Syrah Resources graphite logistics contract in northern Mozambique and interim arrangements to meet contractual obligations from June 2018 until permanent infrastructure has been established.
  • Progressed closer to the implementation of the 25-year joint-venture Port of Ngqura petroleum-products terminal.
  • Progress start-up projects and continue to explore potential infrastructure investments.
  • Drive completion of key infrastructure to provide integrated solutions.
  • Progress engagement with key stakeholders.



Manage the effects of depressed markets on the business.

  • Continued outperforming major shipping-rate indices.
  • Maintained net cost base through cost savings and third-party ship-management and commercial fees.
  • Became cash-generative in the second half of the year.
  • Continued ability to raise bank finance at a time when many shipping companies closed down as a result of adverse market conditions.
  • Manage the fleet based on proven business model.
  • Evaluate fleet-renewal and -growth opportunities.

Compliance with increasingly stringent environmental requirements.

  • Reduced fuel consumption and carbon footprint by investing only in eco-friendly, quality vessels built by reputable ship-builders.
  • Completed the installation of variable frequency drives on certain vessels to further increase energy efficiency.
  • Managed ballast-water treatment systems to ensure meeting the ten-year deadline for the implementation of more stringent requirements.
  • Continue investment in initiatives that reduce the environmental impact of the fleet.

Financial Services


Drive business targets despite negative market influences.

  • Performed above expectation, growing both revenue and profit.
  • Grow the business to achieve targets, secure adequate funding lines for growth and target negligible bad debt.

Unlock value from existing businesses.

  • Achieved solid growth in Bridge Fund Managers and CoreShares in their first year as stand-alone businesses.
  • Conclude the repositioning of the business.

Ensure continuity in payments to SASSA bank-card beneficiaries beyond the initial contract period.

  • Paid beneficiaries on time and participated in engagements with stakeholders to facilitate a smooth transition to the next phase of the process.
  • Collaborate with stakeholders to address SASSA concerns.