In a trading update, Nampak confirmed that its profit for the six months to March will more than double.
Its headline earnings per share are expected to rise from 7c in the previous period, to between 16.3c and 18.7c.
This was in part thanks to the non-recurrence of significant impairments of goodwill in Nigeria and assets in Angola. Also, stronger currencies in these countries helped to lower devaluation losses.
Nampak's performance was also bolstered by reduced retrenchment and restructuring costs as profitability improvement projects in DivFood and Plastics near completion and show benefits, the company said.
Its interim results are due on 28 May.
Nampak's share price jumped more than 7% to 295c on Monday morning.
In September last year, it was trading around 60c – a far cry from levels above R14 at the end of 2019.
The company, the largest diversified packaging company in Africa, has struggled with a debt burden of billions due to aggressive expansion on the rest of the continent, particularly in Nigeria and Angola. A sharp fall in the oil price since 2014 has put pressure on these markets, which caused problems repatriating money from those markets, as well as from Zimbabwe.