• R2 billion strategic capital raising concluded
  • Attributable income declined 32% to R530,9 million
  • Headline earnings per share of 99,6 cents (2010: 167,7 cents)
  • Final ordinary dividend of 12,0 cents per share (total of 29,5 cents per share for the year)

Freight Services

  • 21% growth in earnings
  • Increased coal capacity at Maputo and Richards Bay terminals
  • Pre-feasibility to expand Maputo Coal Terminal capacity by 20 million tonnes successfully completed
  • Improved rail delivery to Maputo Coal Terminal and Richards Bay
  • Locomotive manufacturing and leasing contracts secured in Sierra Leone and Mozambique
  • Construction license granted to co-develop a bulk liquid storage facility at Coega
  • Improved volumes in the Logistics division


  • 20% growth in earnings
  • Strong performance by marine fuels business


  • Earnings remained positive despite weak shipping markets
  • Average earnings per day outperformed average spot market rates for the year

Financial Services

  • Earnings increased by 30%
  • Bank deposits grew 44% to R2,9 billion
  • Assets under management increased 33% to R6,2 billion