Onelogix full-year profit jumps 14%, partly due to low finance costs
Transport and logistics company Onelogix on Thursday reported a 14% rise full-year headline earnings per share to 34c, benefiting from lower finance costs.
Net finance costs dropped 30% to R40.6m as debt related to the Umlaas Road properties was settled, the company said in a statement.
The group operates out of two main segments: abnormal logistics and primary product logistics. Abnormal logistics focuses on vehicle services delivery, while the other caters for general freight.
Revenue was up 16% to R2.31bn in the year to May as a result of what the company said was improved performance in the abnormal logistics businesses and growth on extended fleet capacity in the primary product logistics segment.
The abnormal logistics segment benefited from a moderate, although "erratic" uptick in the local and cross-border vehicle markets, according to results statement.
Trading profit grew a modest 4% to R168m, held back by a R14.3m charge relating to a skills upliftment programme, though the company said that would later be recovered through learnership allowances.
Net debt dropped to R245m, from R365.9m, mainly due to new truck tractors being acquired on an operating lease model.
The company declared a dividend of 5c per share, taking the total to 11c, which was down compared to the 13c declared a year ago.
The share price was flat in early trade to R4.40, valuing the company at R1.3bn