Best of the bunch:

Only a few of the SOEs performed relatively well.

DBSA again posted decent numbers, with profit upto R3.1 billion in the year to June 2019 compared with nearly R2.2 billion the previous year. The balance sheet is also healthy.

SANParks is the only other entity whose annual report made for relaxing reading. Profit increased from R202 million to R414 million and the balance sheet is healthy.

Airports Company of SA and (Acsa) Air Traffic & Navigation Services (ATNS) performed nearly acceptably, if the bar is set low. Acsa posted a profit of R504 million in the year to June 2019, but it is 40% lower than the R842 million of the previous year. ATNS maintained its profit (R188 million) over the last three years and its balance sheet is also strong.

Armscor posted a turnaround in its financial fortunes over the last three years. It posted a profit of R235 million in the 2019 financial year compared with a loss of R127 million in 2017. Prospects are good given the recent announcement of new contracts and joint ventures, and a balance sheet that can take on debt to chase opportunities.

The CSIR, IDC, Land Bank and Mintek performed relatively satisfactorily, if the bar is set still lower. They all showed profits, small or way below previously, but they are not a drag on taxpayers. Sasria had a loss of R1 million compared with a profit of R1 billion the previous year. Sanral’s profit was adjusted to exclude the effect of an upward revaluation of its roads network included as profit.