Chief executive Erik Smuts said Nampak had a successful financial year driven by the recovery of all the South African metals operations, significant growth of the Nigerian beverages can market, new customers in
"The performance of Zimbabwean operations exceeded expectations and revenue was boosted in the second half of 2021 along with profitability," Mr Smuts said in a statement of the financial results.
He said Megapak Zimbabwe and CMB Zimbabwe, which are local units of
"Market demand was serviced to the extent that foreign currency was available and raw materials could be sourced.
"These operations continue to self-fund their operational and capital requirements while cash generated is reinvested into operations and equipment to limit exposure to currency fluctuations," said Smuts.
Group revenue for the year under review increased by 24 percent to R14 billion from R11,27 billion recorded in the same period last year driven by strong results from the metals division. The company has three operating divisions namely metal, plastic and paper.
Revenue from the metals division grew by 26 percent to R9,9 billion while trading profit was up by 159 percent, benefiting greatly from the turnaround at DivFood and significant improvements in profitability at Bevcan South African and
The plastic division revenue increased by 21 percent to R3 billion, driven by strong demand in
Revenue for the paper division was up 9 percent despite the inclusion of Cartons Nigeria for three months in the prior year while after excluding the disposal, growth was much stronger as pandemic restrictions eased in most of our markets and trading conditions improved, leading to trading profit growth of 18 percent.
"The volumes from Zimbabwean operations grew materially, demand for cartons in
He noted that transfers from
Copyright The Herald. Distributed by AllAfrica Global Media (allAfrica.com)., source