Asset sales help OneLogix more than double net profit
The logistics and transport group says it benefited from the sale of property in KwaZulu-Natal and subsidiary DriveRisk
Logistics and transport group OneLogix more than doubled net profit from R47m to R105m in the six months to end-November, thanks to strong performance and gains from asset disposals.
Revenue grew 14% to R1.15bn, boosted by its Abnormal Logistics business, the results statement released on Thursday said.
The agricultural products transport businesses, OneLogix Jackson and OneLogix Buffelshoek, performed particularly well following the end of the drought.
The sale of a KwaZulu-Natal property called Umlaas Road for R106m and subsidiary DriveRisk for R69.7m contributed R16m to net profit.
Trading margins declined slightly to 8.9% from 9.1%, largely attributable to increased staff costs at the corporate head office to facilitate the envisaged next phase of growth in the group.
OneLogix said it invested R8m in training, much of which it could recoup from the South African Revenue Service’s (SARS’s) learnership allowances.
The company reported that earnings growth for the year was "entirely organic in nature", saying this affirmed the strength of the group’s business models and its strong management teams.
The group has boosted its broad-based BEE accreditation to Level 2, a move expected to enhance growth prospects.
At 20c, headline earnings per share (HEPS) were 21% higher than in the corresponding period of 2016. An interim dividend of 6c per share was declared.