Nampak swung to a half year loss of R2.4 billion as revenue plunged and it impaired its Angola and Nigeria assets by R3 billion, which is four times its market value. The also warned that future profits were in South Africa were at risk from the ban on alcohol sales due to Covid-19 lock-downs. Nampak CEO, Erik Smuts joins CNBC Africa for more.
Recently large South African and international companies have closed down shop in Zimbabwe due to the crippling economic crisis. Joining CNBC Africa to unpack why companies such as Pepkor, PPC, Nampak and Distell have given up on the Zimbabwean markets is Batanai Matsika, Head of Research at Morgan & Co.
Nampak has recorded a final year loss after currency volatility from its operations across the continent. The packaging manufacturer had net foreign exchange losses of R1.9 billion, mainly from its operations in Zimbabwe. Headline earnings are down 69 per cent to 54.1 cents and the company will not be declaring dividends until its debt levels are reduced. CNBC Africa spoke to Glenn Fullerton, Chief Financial Officer at Nampak for more.
The announcement of Nampak CEO Andre de Ruyter as the new Eskom CEO saw yields on Eskom’s 2021 dollar bonds jumped the most in more than three months. The appointment of De Ruyter’s sent shockwaves through the market with many analyst concerned that Eskom’s challenges may be too big for him to fix. Rashaad Tayob, Fund Manager at Abax Investments joins CNBC Africa for more.
The National Union of Mineworkers has said that they will work with the new CEO Andre De Ruyter but only if he could stop the unbundling of the power utility. NUM President, Joseph Montisetse joins CNBC Africa for more.
Embattled state utility Eskom has appointed the CEO of Nampak, Andre de Ruyter as its new CEO effective from January 2020. But the question remains whether or not Andre de Ruyter has the political capital to turn around Eskom’s fortunes. Joining CNBC Africa for more is James Brent Styan the Author of Blackout: The Eskom Crisis.
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