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Nampak posts 48% profit drop on Nigeria, Angola forex losses

No dividend declared to conserve cash.

JOHANNESBURG – South Africa’s Nampak reported a 48% drop in full-year profit due to foreign exchange losses in Nigeria and Angola, the packaging firm said on Monday.

Nampak said diluted headline EPS totalled 107.6 cents in the year end-September compared with 208.2 cents a year earlier.

“Abnormal” foreign exchange losses cost the firm around R681 million ($48 million) as Angola’s kwanza currency fell 23% and Nigeria’s naira lost 58% of its value, Nampak said.

“The economic environment in Angola and Nigeria was very challenging; the lack of availability of US dollars (USD) rendered the timing and quantum of conversion from in country currencies to USD uncertain and sporadic,” chief executive André de Ruyter said in a statement.

No dividend declared to conserve cash, compared with 134 cents last year.

The firm increased sales 11% to R19.1 billion on good trading in Nigeria and Zimbabwe and as its glass unit returned to profit.

Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

Shares in Nampak closed down 0.28% at R17.54.

($1 = R14.1972)

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