BUSINESS REPORTER
Zimbabwe’s largest packaging manufacturer, Nampak Zimbabwe Limited, is targeting more cost cutting measures to boost the company’s profitability.
The plan was revealed by the company’s managing director, John van Gend in the financial statement of the group for the year to September 2022 published this week.
Nampak operates three units namely Hunyani Paper and Packaging, Mega Pak and CarnaudMetalBox.
He said: “Management has continued with its focus on cost containment, whilst looking for new opportunities to improve both product offerings and quality.
“The year ahead may bring some economic headwinds, but I believe that the continual focus on cost control and margin preservation has positioned the group well to meet these challenges. None of this would have been possible without the commitment and dedication of the management teams and staff at all three operating companies. I would like to take this opportunity to thank all of them for all their efforts this year and for embracing the challenges they faced.”
Revenue for the group increased to ZWL$52.52bn in 12 months to September 30, 2022 from ZWL$36.68bn reported in the prior comparative period.
Nampak profit was almost flat at ZWL$2.62bn in the period under review compared to ZWL$2.63bn reported in the previous year.
Earnings per share were 346,12 cents were below prior year’s at 347,03 cents in 2021.
Total assets for the group stood at ZWL$27bn in the reviewed period from ZWL$21bn in 2021.
Nampak’s capital expenditure in hyperinflation terms amounted to ZWL$ 1.66bn compared to ZWL$ 1.08 billion utilised in 2021.
“The company focused on completing projects that commenced in the previous year. There are some significant capital projects currently being reviewed by management and should funds become available, it is our intention to implement them,” van Gend said.
