Cement Maker PPC’s revenue grew 2% to R9.2-billion in the year to end-September – supported by growth in Zimbabwe and Botswana – but headline earnings a share dropped 19% to 145c owing to higher finance costs and a weak South African cement business, the company said in a statement on Wednesday.
Annual revenue also included acquisitions Safika Cement and Pronto Readymix. On a like-for-like basis, revenue would have been three percent lower than last year’s R8.56-million.
PPC CE Darryll Castle said the improved performance in Zimbabwe and Botswana helped to offset weaker sales in the company’s core South African operations.
PPC’s “profit improvement programme” saved it R212-million over the last year, he said.
“We have now achieved over 50% of our three-year profit improvement target of R400-million,” Castle said.