South Africa-based packaging manufacturer says results reflect encouraging growth despite challenging operating environment
Nampak shares soared 8.14% last Friday, June 28 after the group returned to profit in the six months to the end of March, showing that its extensive restructuring and asset disposal program is paying off.
In 2023, the packaging manufacturer, which is listed on the JSE – the Johannesburg Stock Exchange and Securities Exchange, the largest stock exchange in Africa – will be able to offer its products on the JSE.
implemented a comprehensive turnaround plan, which included board and management changes; a business model review; an equity and debt restructuring program; a rights offering; and the adoption of a new strategy focused on its core metals business.
Nampak is one of the largest packaging companies on the African continent. The company is engaged in the production of various types of packaging, including metal, plastic and glass, and serves a wide range of industries, such as food and beverage, pharmaceuticals, and general consumer goods.
In 2023, Nampak implemented a comprehensive turnaround plan to reverse its financial situation, which included board and management changes, a business model review, an equity and debt restructuring program, a rights offering, and the adoption of a new strategy focused on its core metals business.
The recent improvement in its financial results and return to profitability in the first six months of 2024 led to an 8.14% increase in its share price.
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