Covid headache for NamBrew
Namibia Breweries, the heavyweight on the Local Index of the Namibia Stock Exchange (NSX), has warned that the lockdown locally and in South Africa might have a financial impact on the company. In a trading statement on the NSX, NamBrew said it has stopped operations and will assess the impact once normal business operations resume. The sale of alcohol is prohibited in both Namibia and South Africa during the lockdown. NamBrew has a 25% stake in Heineken South Africa, which also ceased operations. NamBrew is allowed to do maintenance and essential service delivery. “Please be assured that all measures have been put in place to minimise negative business impacts,” NamBrew said. The group’s latest financial results showed a net profit of nearly N$317.8 million for the six months ended 31 December, about 13.3% down from the same half-year in 2018. The share closed at N$40 on Monday. Photo Nampa/Reuters
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