South Africa: PPC’s group revenue grew by 3% year-on-year to US$625m in its financial year to 31 March 2021 from US$607m in the same period in 2020. Group earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 16% to US112m from US$96.6m. Sales and earnings rose due to a recovery in cement sales, particularly outside of Zimbabwe, and general cost cutting.

Cement sales in South Africa benefited from retail demand in the inland region, while the coastal regions experienced a lagged recovery in demand. In Rwanda, the group’s Cimerwa subsidiary reported ‘strong’ cement sales due to the roll-out of government projects, retail demand and exports to the Democratic Republic of Congo. Operations in Zimbabwe were hampered by high inflation
and a shortage of foreign currency.

“Despite the difficult trading conditions in most of our markets, our businesses have benefited from a recovery in cement demand, resulting in improved financial performance,” said chief executive officer Roland van Wijnen. He added that the group has worked on capital restructuring and refinancing projects. It has concluded an agreement with PPC Barnet's lenders, which terminates their right to recourse to PPC, signed agreements for the sale of PPC Lime and an aggregates business in Botswana and agreed with its lenders in South Africa to defer the equity capital raise in South Africa from March 2021 to September 2021.