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Nampak financial report delayed

By Lorraine Ndebele

ZIMBABWE Stock Exchange listed, diversified packaging manufacturer, Nampak Zimbabwe Limited has delayed the publication of its audited financial statements for the year ended 30 September 2021.

In a statement the company’s group managing director John Van Gend revealed that the delay has been caused by additional work necessitated by the need to conform with hyperinflation adjusted financials.

“Nampak Zimbabwe Limited hereby advises shareholders and the investing public that publication of its Audited financial statements, which were due to have been published by 31 December 2021, has been delayed,” Van Gend said. “This is due to the considerable additional work which has been necessary in order to conform with the requirement that the financial statements are adjusted for hyper-inflation so as to comply with International Accounting Standard (IAS) 29 – Financial Reporting in Hyperinflationary Economies. Additionally, the Financial Statements must be compliant with the requirements of the Johannesburg Stock Exchange under which our controlling shareholder, Nampak Southern Africa

Holdings Limited, is listed.”

He said it was anticipated that these results would now be published on or before January 28, 2022 adding that  an extension has been granted by the ZSE.

“It is further advised that a Trading Update will be published before mid-February 2022 covering the first quarter period from October to December 2021,”  Van Gend said.

The three-month period from 1 January 2021 to 31 March 2021 for the company was marked by an increase in volumes for the group despite the reintroduction of Covid-19 restrictions at the beginning of the year.

Volumes at Nampak’s Hunyani Corrugated Division were strong, rising 33% for its second quarter to March, with Mega Pak posting the biggest growth at 46% compared to the same period in 2020.

CarnaudMetalbox saw its sales volumes rise 10% above the prior year while metal volumes recovered by 22% with food cans and crowns leading the recovery.

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