South Africa's state-owned transport firm Transnet said on Saturday it will spend about $2.37 billion on investments in the current financial year after spending a record amount in the year ended March 31. Transnet spent almost 12 billion rand in capital investment in that period, the largest amount the company has ever spent in one year, said its annual report.
Maria Ramos, Transnet's Group Chief Executive, said he was confident that the company "is now better positioned to meet the challenge of getting the planned investment programme to support volume growth and revenue increase."
"The level of our investment programme tells the story about our own business and our view about our country's economy," said Ramos in the report, identified as the first official document to show the company's revamped corporate identity.
"Simply, we are bullish about the company's prospects the fact that, for the first time in two decades, we are growing volumes, revenues, creating new and quality jobs, investing in our people and in capital. We are poised for robust growth in coming years", she added.
Transnet, which runs South Africa's rail system, ports and pipelines, is trying to transform itself from a diversified conglomerate into a focused freight transport company.
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