• Attributable income increased 119% to R608,4 million (H1 2011: R277,4 million)
  • Headline earnings per share up 25% to 69,4 cents (H1 2011: 55,7 cents)
  • Cash generated from operations R890,6 million (H1 2011: utilised R115,8 million)
  • Net debt to equity decreased to 5% (December 2011: 10%)
  • Interim ordinary dividend maintained at 17,5 cents per share despite 134 million more shares in issue

Freight Services

  • Earnings up 278% to R580,2 million
  • Terminals volume of 5,5 million tonnes, up 30% on prior half-year despite coal product shortages during the first half of 2012
  • Port of Maputo volume of 6,9 million tonnes, up 31% on H1 2011


  • Earnings up 32% to R96,2 million (H1 2011: R72,7 million)
  • Operating margin per tonne up 30% from US$3,80 per tonne to US$4,95 per tonne


  • Earnings before ship impairments remained positive despite declining rates
  • Average earnings per day outperformed average spot market rates for the period across all sectors
  • Impairment of ship values due to weaker shipping markets

Financial Services

  • Assets under management of R10,5 billion, up from R6,1 billion in December 2011
  • Rollout of South African Social Security Agency (SASSA) bank cards commenced in April 2012 with 2,5 million in issue