PPC Q1 trading in line with expectations
Cement maker PPC on Thursday said its first-quarter revenue had tracked ahead of the comparative period in the prior year, while group earnings before interest, taxes, depreciation and amortisation (Ebitda) were in line with that of the first quarter of the previous year.
However, while the South African operations faced continued difficulties, the operations across the rest of Africa showed robust growth during the three months to June 30.
“Our cement sales volumes in South Africa declined marginally when compared with the same period in the previous year, which, however, had two less trading days,” said interim CEO Johan Claassen in a trading update on Thursday.
However, overall cement demand in South Africa is expected to grow during the first half of the financial year, following the “dampened” first quarter.
“On a like-for-like basis, volumes were up 0.5%, driven by solid performances in both the coastal and inland areas. Imports have declined by 27% compared with the same period last year. Botswana continues to deliver steady results,” he explained, adding that revenue was ahead of the comparative period last year and Ebitda was in line with the previous period.
Meanwhile, in the Rest of Africa, cement sales in the Democratic Republic of the Congo improved notably, the Zimbabwe operations continue to exceed expectations and the robust growth in Rwanda has continued.
“Rest of Africa cement volumes have seen double-digit growth compared to the prior period. Segment revenue and Ebitda are growing ahead of last year,” he said.
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