Nampak posts US$2,3mln profit

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THE local unit of South Africa’s packaging giant Nampak has reported an after tax profit of US$2,3 million for the year ended September 2015 after the consolidation of the group.

In 2014, the Johannesburg Stock Exchange-listed Nampak last week made acquired a controlling 51% shareholding of printing and packaging group Hunyani and merge it with its local interest and associate company – CarnaudMetalbox and Megapak into a new entity called Nampak Zimbabwe.

“The operating profit was depressed as a result of lower margins,” the company said in its first full year financial results after consolidation. Revenue for the period under review stood at US$96 million from US$41 million for the 11 months to September 2014.

“The group spent US$8,6 million on the purchase of plant and machinery to increase capacity and production range. The major expenditure was on preform machinery (US$2,9 million) and the tobacco line (US$2,3 million, with the balance spent on various plant and equipment, IT infrastructure and the vehicle fleet.”

Nampak wholly owns CarnaudMetalbox and holds a 38,60% shareholdings in Hunyani and 49% in Megapak Zimbabwe.

Delta Corporation holds a 23% interest in Nampak Zimbabwe while agro-processor TSL has a 17% stake in the group.

The Old Mutual Life Assurance Company and National Social Security Authority are among the significant shareholders in the merged entity, with 4% and 3% stakes, respectively.-Staff Writer

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