Nampak writes down businesses by R3bn amid oil price collapse

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 63%

South Africa Headlines News

The group has suffered write downs of operations in Angola and Nigeria due to a slump in the oil price and Covid-19

Africa’s largest packaging company Nampak has written down its businesses by an amount that is almost four times its market capitalisation, as Covid-19 and a depressed oil price batters the outlook for its operations in Angola and Nigeria.

The group swung into a loss of about R2.4bn in its six months to end-March, from profit of R653.3m previously. Nampak revenue fell 17% to R6.5bn, with the group already facing tough operating conditions, including in SA, where festive season sales were lower than expected. Oil exports are significant to the economies of both Nigeria an Angola, and the price of brent crude has almost halved so far in 2020, hit by a production dispute between Saudi Arabia and Russia, and the effect of Covid-19 on travel.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Low US demand puts damper on oil priceBrent and WTI slip but are still on track for a fifth weekly gain
Source: BDliveSA - 🏆 12. / 63 Read more »

QE is the best way to go to quell the Covid-19 economic crisisA government stimulus package that is too small will wreak far greater havoc down the road than one too big, writes Owen Willcox
Source: BDliveSA - 🏆 12. / 63 Read more »

Green-friendly money instrumentsTreasury aims to spark debate about green-friendly money instruments, writes Donwald Pressley
Source: BDliveSA - 🏆 12. / 63 Read more »

Keep your eyes openGlobal markets may be what SA investors should look at right now, writes Pedro van Gaalen
Source: BDliveSA - 🏆 12. / 63 Read more »

The rule of law was undermined and the consequences are showingImportance of the rule of law cannot be overstated. It lays the foundation for good governance which serves the people who give democratic legitimacy to the government. The SA government's Covid-19 response is not serving the people, writes Jacques Jonker Agree on that sir There is less actual news on this publication and more personal view and testimonials This individuals SANDFCorpEvents in the picture with their guns belongs on our borders to fight the crime that the SAPoliceService are not competent to fight!
Source: City_Press - 🏆 7. / 72 Read more »

Keep your eyes openGlobal markets may be what SA investors should look at right now, writes Pedro van Gaalen
Source: BDliveSA - 🏆 12. / 63 Read more »