OneLogix’s profits at lowest in 11 years

DURBAN – OneLogix Group on Thursday delivered its worst performance in 11 years following a 33 percent decline in trading profits for the year to end May after the niche logistics provider experienced restricted trading as a result of the lockdown.

Its trading profit fell to R135.1 million, down from last year’s R200.5m.

Chief executive Ian Lourens said: “For the first time in 11 years, OneLogix is reporting a profit decline primarily due to the protracted listless economic environment, and in the latter two months, the ramifications of the worldwide Covid-19 societal lockdown”.

He said the lockdown severely restricted trading for most group businesses, with one less affected exception, OneLogix Jackson, which was deemed an essential service.

However, Lourens stated that each of the group’s 12 businesses had weathered the economic storm, with some achieving a profit improvement, while others remained inherently strong given the circumstances.