Nampak swings into H1 loss, suffers R3bn impairment
Nampak swung to a half year loss of R2.4 billion as revenue plunged and it impaired its Angola and Nigeria assets by R3 billion, which is four times its market value. The also warned that future profits were in South Africa were at risk from the ban on alcohol sales due to Covid-19 lock-downs. Nampak CEO, Erik Smuts joins CNBC Africa for more.
Fri, 29 May 2020 16:36:09 GMT
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AI Generated Summary
- Significant half-year loss of R2.4 billion reported by Nampak
- Impairments of R3 billion on assets in Angola and Nigeria announced
- Potential obstacles in the form of consumer demand and economic uncertainties highlighted by CEO Erik Smuts
Nampak, a prominent packaging company, has recently reported a significant half-year loss of R2.4 billion. This loss was primarily driven by a sharp decline in revenue, which fell by about 17%. The company also announced impairments of R3 billion on its assets in Angola and Nigeria, which is four times their market value, indicating the severity of the economic challenges they are facing. In a recent interview with CNBC Africa, Nampak CEO Erik Smuts shed light on the various factors contributing to their financial performance and the potential obstacles ahead.
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