Nampak reports R4bn loss as it battles with foreign exchange losses

Nampak, which is in the middle of a turnaround under new management, has reported a R4 billion full-year loss as SA’s largest packaging group grappled with foreign exchange losses in Nigeria and increasing competition.

But there appeared to be some green shoots showing under new CEO Phil Roux, with the group’s Bevcan South Africa operation performing strongly to improve its trading profit by 28%, and its DivFood returning to profitability with an "improvement of R77 million in its trading profit".

The company’s trading profit also increased 2% to R1.6 billion, while cash generated from operations also came in at R1.6 billion, a 95% improvement before working capital changes were taken into account.