HARARE, November 27 (The Source) – Packaging group Nampak Zimbabwe recorded a 13,5 percent growth in net income for the year to September 30 to $4,9 million from $4,3 million in the prior period.
Revenue was higher at $96,2 million, from $95,2 in the comparable period while operating profit grew 12 percent to $7,6 million from $6,7 million.
“Improved profitability, combined with cost containment and tight controls over working capital, gave the group an improved cash holding throughout the year. The inability to settle foreign liabilities timeously resulted in a further accumulation of cash balances to $48,2 million (from $21,1 million last year) at year end,” said the secretary Keith Nicholson.
The printing and converting segment revenue grew 13,8 percent to $50,9 million from $44,7 million last year.
Plastics and metals revenue dropped 10 percent to $45,9 million from $51 million due to reduced demand at CardaudMetalbox.
Softex continued to trade profitably, said Nicholson.
The group’s capital expenditure stood at $2,8 million and was used to enhance plant capacity at CardaudMetalbox, MegaPak and Hunyani.
The company did not declare dividend.