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.
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