Nampak Limited Reports 133% Surge in Trading Profit, Revenue Up 7% in H1 FY24

  • Nampak Limited's revenue increased by 7% to R6.2 billion in the first half of FY24.
  • Trading profit surged by 133% to R770 million, driven by operational improvements.
  • The company reported earnings per share of 5,280.3 cents, up from a loss previously.

Nampak Limited has released its unaudited consolidated financial results for the six months ended 31 March 2024.

Financial Highlights

Continuing Operations:

  • Revenue increased by 7% to R6.2 billion, driven by growth in Metals, Plastics, and Paper segments.
  • Trading profit surged by 133% to R770 million, with EBITDA rising 201% to R1,148 million.
  • Operating profit before net impairments soared to R1,005 million from R235 million in the previous year.
  • Net impairment losses decreased significantly to R13 million, contributing to an operating profit of R992 million compared to a loss of R558 million in H1 FY23.
  • Profit for the period stood at R395 million, a substantial improvement from a loss of R878 million in the prior period.
  • Earnings per share turned positive at 5,280.3 cents, up from a loss per share of 31,043.7 cents.

Total Operations:

  • Loss from discontinued operations narrowed to R530 million from R1,569 million, reflecting improved impairments.
  • Headline earnings for total operations reached R267 million, compared to a loss of R342 million in H1 FY23.

Commentary by CEO Phil Roux

Phil Roux highlighted Nampak’s progress in its transformation agenda, focusing on portfolio optimization, cost reduction, and strengthening brand proposition amidst macroeconomic challenges.

Sector Performance

Metals South Africa:

  • Despite economic pressures, Metals SA’s operating margin expanded to 12.3%, driven by turnaround initiatives.

Bevcan SA:

  • Stable performance with increased profitability due to enhanced product mix and operational efficiencies.


  • Reported marginal revenue decline due to portfolio rationalization, offset by cost management improvements.

Rest of Africa:

  • Bevcan Angola saw improved profitability despite economic challenges, with strategic investments in capacity.

Financial Position and Outlook

Nampak improved its cash flow generation, reporting R878 million from operations and a free cash flow of R810 million. The company managed net debt well, with a current ratio improving to 1.8.

Looking ahead, Nampak remains cautious amid economic uncertainties but is optimistic about growth opportunities, particularly in its diversified portfolio and expanded capacity in Bevcan South Africa.


Despite challenges, Nampak’s strategic initiatives have shown promising results, reflected in robust financial metrics and improved operational efficiencies. The company’s focus on reducing debt and enhancing shareholder value remains steadfast.

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