• Attributable income of R873 million
  • Headline earnings per share of 190 cents
  • Difficult global and local trading conditions and substantially lower shipping markets
  • Capital expenditure of R1,4 billion down from R2,2 billion in the prior year
    • capital commitments of R2,3 billion and further planned capital expenditure of R2,7 billion over the next three years
    • balance sheet capacity for an additional R4 billion capital expenditure over the next three years
  • Strong balance sheet, minimal debt, good liquidity and large cash resources
  • Final ordinary dividend declared of 30 cents per share, totaling 60 cents per share for the year. Dividend cover reduced to 3,2 times earnings


  • Average earnings per day outperformed average spot market rates for the year
  • Further reduced fleet and expanded contract cover
  • Took delivery of three ships and sold six ships during the year (2008: sold five ships)


  • Increased volumes and operating margins
  • Opened an office in Singapore to service increasing Asian market
  • Significant interest cost savings

Freight Services:

  • Challenging market conditions with a contraction in cargo volumes across most businesses
  • Additional terminal capacity starting to contribute significant profits
  • Level 3 BEE contributor status achieved for majority of South African operations on conclusion of empowerment transaction
  • New investment into the rail sector

Financial Services:

  • Deposits at record levels
  • Growth in earnings
  • No bad debt