Nampak volumes rise as demand for packaging grows

Zim Now Writer

Packaging materials supplier Nampak Zimbabwe says it achieved a profit before tax of US$8,75 billion compared to US$5,76 billion the same period last year as demand for packaging significantly rose in 2022.

Nampak group Managing Director John van Gend said the company benefited from the economic recovery, which was led by the rebound in agriculture and mineral commodity prices.

“The profit before tax takes into account other material income of $2,48 billion and a net monetary loss of $4,11 billion.

“Other income, in the main, comprises exchange gains on foreign-denominated debtors and cash balances. Management worked hard on cost reduction initiatives and improving the working capital cycles.

“The comprehensive profit attributable to shareholders amounted to $2,62 billion (2021: $2,63 billion). Earnings per share at 346,12 cents (2021: 347,03 cents) were below prior year,” he said.

Van Gend further said that the overall demand for packaging improved during the review period, compared to the previous year.

“Management has continued with its focus on cost containment, while looking for new opportunities to improve both product offerings and quality. We continue to invest in the business where we see opportunity,” van Gend added.

The group achieved sales for the year in inflation-adjusted terms of $52,5 billion and a hyperinflated trading income before adjustments of $10,34 billion.