Phillips Appointed CEO of Transnet; Pier 2 Assets Transferred
1 report, 1 independent
Updated Sep 18
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What happened
Phillips was appointed CEO of Transnet on September 18, 2026. On the same day, Transnet transferred the assets of Pier 2. The company reported a return to profitability, achieving a R4.6 billion profit with revenue reaching R88.6 billion. This was based on freight rail volumes reaching 168 million tons in the year to March, up from 149.5 million tons in 2022/23.
From miningmx.com
Why it matters
The operational recovery demonstrates a sea-change for the parastatal, though the CEO cautioned that the turnaround is far from complete. Government targets aim for Transnet to move 250 million tons annually by the end of the decade. The company is currently still a quarter below its pre-collapse high point of 226 million tons.
From miningmx.com