BUSINESS DAY TV: People are trading down in their consumption patterns
Nampak CEO André de Ruyter talks to Business Day TV about the latest results from the packaging group and how it’s dealing with a weak economy and forex issues in Nigeria and Angola BUSINESS DAY TV: Despite an 8% rise in first-half earnings Nampak is still holding back on paying a dividend. The company says that in view of current risks and challenges, it would rather focus on efforts to conserve cash. Joining us for more detail on that is CEO André de Ruyter. André, so dividend or no dividend the market really liking your numbers today pushing your shares 15% higher, what was the catalyst for that? ANDRÉ DE RUYTER: The major catalyst was first of all net profit up 41%, so that’s a reasonable number, a reasonable performance but the major news as far as we are concerned is that we were able to demonstrate to the market that we have commitments from a major commercial bank in SA to make available to us $54m from Nigeria. So we are finally able to extract meaningful amounts of money f...
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