PPC reports no changes to full-year results
JSE-listed PPC’s audited consolidated financial statements and its own financial statements for the year ended March 31, together with the unmodified audit report of the independent auditor, Deloitte & Touche, have been published, and do not contain any modifications to the reviewed condensed consolidated financial statements for the period, as published on June 27.
As reported by Engineering News in June, PPC had posted a 19% year-on-year improvement in cash available from operations to R1.2-billion for the financial year.
Together with net proceeds from the sale of noncore assets, PPC was able to pay down R1.2-billion of its debt in the year under review. Its debt now stands at R1-billion.
During the reporting year, PPC sold its PPC Lime and Botswana Aggregates businesses.
According to the new statements, group revenue for the period increased by 11% to R9.88-billion. Excluding Zimbabwe, group revenue increased by 5%.
Profit before tax from continuing operations decreased to R186-million.
PPC reported a loss a share of 5c, and a headline loss a share from continuing operations of 3c.
It terms of outlook, the group says that, as it experiences normalisation of cement demand in the country following the post-pandemic spike, it will redouble its efforts to improve cost competitiveness through industrial performance and operational excellence.
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