Hyperinflation in Zimbabwe and devaluation of the Angolan kwanza weighed on the packaging group, which has reported a full-year R1.5bn loss
Africa’s largest diversified packaging manufacturer, Nampak, has suffered a full-year loss representing more than a third of its market capitalisation, battered by constrained consumer demand and currency volatility in Africa.
Currency volatility in Nigeria and Angola also cut into its profits, it said on Wednesday, with devaluation of the Angolan kwanza costing it R212m. The group reported constrained demand across most of its operations, although Bevcan Nigeria had a standout performance, growing volumes more than 20%. Nampak supplies half of the beverage can market in Africa’s largest economy.Headline earnings per share declined 69% to 54.1c.
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