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Metal can business boosts Nampak annual profits

Group trading profit up by 3% to R2 billion.
Nampak's revenue is down by 2% to R18.8 billion. Picture: Moneyweb

South African diversified packaging group Nampak reported a 15% increase in full-year earnings and a 3% rise in trading profit on Tuesday, assisted by good performance in its metal cans divisions.

Headline earnings per share for the year to September 30 rose to 123.8 cents from 107.6 cents a year earlier, said Nampak, which supplies plastic milk bottles to Britain and operates in several African countries.

“While our beverage can making operations achieved good results, the other divisions faced adverse conditions in a climate of reduced demand and tough trading conditions,” chief executive André de Ruyter said in a statement.

Nampak is grappling with weak economic growth in South Africa and Angola were consumers are spending less, substituting products or downsizing to smaller packaged goods.

Revenue declined by 2% to R18.8 billion ($1.37 billion), due to the strengthening of the rand against the majority of foreign currencies, while group trading profit rose by 3% to R2 billion.

The metal’s business, which makes drinks cans for alcohol, carbonated soft drinks and energy drinks, was the only unit that increased trading profit.

Profit at the metals unit rose 32%, while in the plastics, paper and glass division it was down 58%, 25% and 40% respectively.

Shares in the firm rose 2.07% to R17.25.

($1 = R13.70) 

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