OneLogix reports profit decline for the first time in 11 years

South African logistics and transport group OneLogix recently reported a 46 per cent drop in headline earnings, marking the first time in 11 years that the company has experienced a profit decline. The company, which did not declare a dividend this year, attributes the decrease in profitability to the uncertain economic environment created by the COVID-19 pandemic. Despite these challenges, OneLogix CEO Ian Lourens remains optimistic about the company's future prospects. During a recent interview with CNBC Africa, Lourens discussed the factors contributing to the decline in profits and outlined the company's strategy for navigating the ongoing challenges posed by the global health crisis. Lourens acknowledged that the delayed release of the company's financial results was a result of COVID-related issues that needed to be addressed in order to meet stock exchange regulations. Lourens highlighted the significant impact of the pandemic on the company's operations, noting that the crisis forced OneLogix to implement extensive interventions to ensure business continuity. However, he expressed relief that these measures had proven effective, with the company now trading profitably and exceeding budget expectations. Lourens emphasized that all 12 businesses under the OneLogix umbrella were operating in the black, signaling a strong recovery from the earlier setbacks. The CEO also noted a positive trend in the company's performance, indicating that business levels had returned to pre-COVID levels. With South Africa moving towards easing lockdown restrictions and transitioning to a level one alert status, Lourens emphasized the need for OneLogix to remain vigilant and adaptable in the face of continued uncertainty. Looking ahead, Lourens discussed the importance of remaining flexible and prepared to respond quickly to evolving market conditions. While acknowledging the challenges ahead, he expressed confidence in OneLogix's ability to weather the storm and emerge stronger on the other side. Despite the uncertainties surrounding the future business landscape, Lourens stressed the company's commitment to strategic planning and readiness for whatever may come. In conclusion, OneLogix's experience serves as a testament to the resilience and adaptability of businesses facing the unprecedented challenges brought about by the COVID-19 pandemic. As the company continues on its path to recovery, the lessons learned from this period of disruption will undoubtedly shape its future strategies and operations in the post-pandemic world.