By A Correspondent- Nampak Zimbabwe Limited, a packaging company listed on the Zimbabwe Stock Exchange (ZSE) recorded a 43% jump in revenue for the year to September 30, 2022, to ZW$$52.52 billion from ZW$$36.69 billion the previous year.
Exports for its Mega Pak division showed a resurgence in the local markets over the period under review compared to the prior year.
A profit before tax of ZW$$8.75 billion was achieved compared to ZW$$5.76 billion in the same period last year.
According to Nampak, the profit before tax takes into account other material income of ZW$$2.48 billion and a net monetary loss of ZWL$$4.11 billion. Other income, in the main, comprises exchange gains on foreign-denominated debtors and cash balances.
Profit for the year remained flat at ZW$$2.6 billion. Earnings per share at 346.12 cents were below the prior year’s 347.03 cents.
During the year under review, overall demand for packaging improved significantly compared to the previous year with the company benefiting from improved economic activity led by a rebound in agriculture and mineral commodity prices.
In an update for the year under review, managing director John van Gend said that the group achieved sales for the year in inflation-adjusted terms of $52.52 billion.
He said the company worked hard on cost reduction initiatives and improving the working capital cycles.
Van Gend said the group currently has some significant capital projects currently being reviewed by management.
Nampak did not declare a dividend in order to preserve capital.