Nampak manages to open African cash tin
A new competitor in the beverage canning industry prompted Nampak to close its Epping factory, while its fish canning business was boosted by higher volumes
Nampak managed to double the profit transferred to SA from its Angolan, Nigerian and Zimbabwean subsidiaries during its 2018 financial year, but decided not to resume dividends yet. Nampak has not paid a dividend since its 2015 financial year, and said in Tuesday’s statement it would not resume dividends “until the sustainability of cash transfers from Angola and Zimbabwe is assured and the disposal of the glass business is finalised”. The group accounted for its glass division as a discontinued operation in its results for the year to end-September released on Tuesday morning.
Its overall revenue, excluding the glass division’s contribution, declined 0.5% to R17.3bn. The R3.5bn the group was able to transfer from Angola, Nigeria and Zimbabwe helped net profit jump 60% to R569m. A geographical breakdown of revenue and trading profit shows why Nampak has persevered in the rest of Africa despite the currency hassles. The group generated 62% of its revenue in its home market incl...
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