"The investment in strategic infrastructure, from a strong financial base, supports the goal of sustainable longer-term growth for shareholders," the company said in a statement.
The company posted a 41% drop in diluted headline earnings per share in the year ended December to 99.4 cents, from 167.2 cents a year earlier. Earnings growth was achieved in the freight services and trading and financial services divisions, while the shipping division was impacted by weaker markets in the sector.
Chief executive Alan Olivier said the group's port and terminal operations were well positioned to benefit from the demand for commodities, particularly through demand for coal from China and India.
The improved rail delivery coupled with strong market demand for commodities resulted in increased volumes handled through all terminals during the second half of the year under review.
"The Maputo port concession extension until 2043 provided a timeline for implementing the port master plan and for sub-concessionaires to undertake additional investment. The immediate expansion plan included dredging the port access channel to 11 metres in depth to accommodate Panamax vessels. This was completed in the first quarter of 2011, increasing the port's competitiveness, particularly with respect to bulk and container traffic," he said.
Performance of the logistics business segment is expected to improve during 2012 as benefits are extracted from the turnaround strategy combined with further expected improvement in volumes.
Olivier said the trading division would build on its current position through further developing its presence in sub-Saharan Africa. This will be combined with an increased focus on utilising group skills, services and assets to offer integrated value adding solutions to customers. The division deals in marine fuels, industrial raw materials and agricultural commodities.
The shipping division revenue dropped 10% in the period under review to R3.597 billion.
At 14:19 on Wednesday, the stock on the JSE was flat at R14.81.
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