South Africa: PPC’s revenue grew strongly in the 10 month period to 31 January 2024 mainly due to sales growth from its subsidiary in Zimbabwe. Revenue also mounted in the group’s South African and Botswana cement business, where prices rises offset falling sales volumes. Earnings grew across the business. The company said that sales volumes in the coastal region of South Africa “experienced a sharper decline than in the inland region, mainly due to a weaker retail market and a lack of infrastructure projects in the area.” It added that the performance in group’s South Africa and Botswana units had further deteriorated in February and March 2024. In Zimbabwe sales benefitted from both residential construction and government funded infrastructure projects, constrained imports and a low base in the previous reporting period.
PPC completed the sale of its 51% stake in Rwanda-based Cimerwa to Kenya-based Devki Group subsidiary National Cement in late January 2024.