Transnet, South Africa's state-owned logistics group, reported a loss of R7.3 billion ($408 million) for the financial year ending March 2024, an increase from a R5.1 billion loss in the previous year. The company's revenue rose by over 11% to R76.7 billion, attributed to tariff hikes and increased rail and port volumes, despite a 19% surge in net operating expenses primarily due to legal provisions. Key challenges include ongoing litigation resulting from a High Court ruling that mandated Transnet to pay R9.1 billion in damages to Sasol and TotalEnergies for overcharging on crude oil transport. Transnet has since filed an appeal against this order. Additionally, the company secured a R5 billion loan from the New Development Bank aimed at modernizing South Africa's freight rail sector to boost operational capabilities. The freight rail segment, which accounts for 44% of Transnet's revenue, saw a slight increase in cargo volumes, signaling potential for recovery amidst ongoing difficulties.