PAPER and packaging firm,
In the 2019 financial year,
In its 2020 annual report, Nampak chairman
During the year under review, NZL capital expenditure amounted to
"The introduction of the foreign exchange auction trading system from
"However, the foreign exchange available remains less than the amounts needed for normal operations," said Katsande.
On performance of the group, he said revenue increased by one percent compared to the prior year as demand remained positive in most market segments.
"There was a turnaround in the operating profit to a positive position from the loss incurred in the prior year.
"While revenue and operating profit show gains due to hyper-inflation, these do not reflect the contraction in actual volumes, which the group experienced in almost all operating units," he said.
In 2020, the group achieved sales amounting to
A profit before tax of
The profit before tax was achieved after taking into account other material expense of
On capital expenditure, managing director Mr
"With some foreign exchange now becoming available through the auction system, we are hopeful that prioritised capital projects can be pursued," he said.
The group's entities are
During the year under review
Meanwhile, the group maintained its engagement with the Government over its estates in terms of the Bilateral Investment Protection and Promotion Agreement with
"Our intention is to rehabilitate them for timber and agricultural purposes, in support of the current Government policy thrust in this direction. We remain hopeful for the restoration of title or long-term leases, which will provide the security required for new investment and job creation," said
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