Nampak releases 2008 Audited results: explains declining fortunes

Nampak Nigeria Plc, a company quoted in the packaging sub –sector of the Nigerian Stock Exchange released its year ended, September 2008 audited results recently. The company was able to manage a marginal increase of 4 per cent in its turnover to N2.976 billion, over that of year 2007, which stood at N2.849 billion. It loss over the past one year however increased significantly from N136.4 million in 2007 to N238.6 million, representing about 75 per cent further decline in its fortunes in 2008.

In the release, the company’s board noted that “the material negative variances arising from system and control issues from the past that continue to impact on the business during the financial year have given rise to the reported loss”. The board however noted that the management had implemented a number of controls that began to have positive effects on the business in the last quarter of the year. They maintained that given a stable political and economic condition in the country, the business would return to profitability during the course of 2009.

The company would, according to its publication in the dailies, hold its 49th Annual General meeting on the 18th of February 2009 at the Banquet Hall, Excellence hotel, Ogba by 11 am. The closure of the register and transfer of books has been scheduled to be 11th to 12th February 2009 – both dates inclusive.