Onelogix warns of big profit hit due to Covid-19

Logistics group Onelogix has warned profits could halve in its year to end-May, with the Covid-19 pandemic and associated lockdowns reversing a trend of moderate earnings growth in its first half.

The group expects headline earnings per share to fall by between 40% and 50% when compared to the prior period’s 31.6c. Headline earnings is a widely used profit measure in SA, excluding certain one-off items to give a better indication of a company's underlying performance. The group’s earnings per share are expected to decline by between 50% and 60%, with Onelogix saying it had written down one of its properties by R3.6m.

The group employs about 2,200 people and has an extensive footprint throughout SA and neighbouring countries, with logistics capability extending to countries including Democratic Republic of Congo, Malawi and Tanzania In afternoon trade on Wednesday, Onelogix’s share was down 2.44% to R2, having lost 36.71% in the year to date. This gave the group a market capitalisation of R531m.

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