PPC Ltd Annual Financial Report Summary for the Year Ended 31 March 2024

PPC Ltd announced its annual and summarised consolidated financial statements for the year ending 31 March 2024. The CEO, Matias […]

PPC Ltd announced its annual and summarised consolidated financial statements for the year ending 31 March 2024. The CEO, Matias Cardarelli, addressed the company’s sustained underperformance and the necessity for a meaningful organisational reset.

Key Performance Metrics

  • Revenue: Increased by 20.6% to R10,058 million (FY23: R8,339 million).
  • EBITDA: Increased by 38.6% to R1,242 million (FY23: R896 million).
  • EBITDA Margin: Improved by 1.6 percentage points to 12.3% (FY23: 10.7%).
  • Free Cash Flow: R260 million (FY23: R124 million), excluding disposal proceeds from CIMERWA.
  • Ordinary Dividend: 13.7 cents per share.
  • HEPS: 19.0 cents (FY23: loss of 20.0 cents).
  • EPS: 6.0 cents (FY23: loss of 21.0 cents).

Group Performance

  • Revenue Growth: Primarily driven by strong performance in PPC’s Zimbabwean operations. SA and Botswana saw marginal increases.
  • Cost of Sales: Increased by 16.3% to R8,409 million due to Zimbabwe operations, while costs in SA and Botswana decreased slightly.
  • Trading Profit: Increased to R619 million (FY23: R117 million), with Zimbabwe contributing significantly.
  • Depreciation: Decreased by R155 million to R623 million due to changes in Zimbabwe’s functional currency and asset life extension in SA and Botswana.
  • Impairments: Increased to R267 million (FY23: R61 million), mainly due to mothballing certain plants and assets in response to market conditions.
  • Finance Costs: Increased slightly to R131 million (FY23: R123 million) due to higher interest rates and capitalised leases.
  • Profit Before Tax: Increased to R233 million (FY23: loss of R126 million).
  • Profit After Tax: R88 million (FY23: loss of R328 million), with a higher effective tax rate due to various factors including non-taxable income and withholding taxes.

Divisional Performance

South Africa and Botswana Cement

  • Cement Sales Volumes: Decreased by 5.8%.
  • Revenue Increase: 5.2% to R6,080 million, driven by clinker sales to Zimbabwe despite a decline in cement volumes.
  • EBITDA Margin: Slightly down to 11.3% (FY23: 11.7%).

Aggregates, Readymix, and Ash

  • Readymix Volumes: Decreased by 18.2%.
  • Aggregates Volumes: Decreased by 8.8%.
  • Revenue: Decreased by 6.0% to R1,031 million.
  • EBITDA: Improved due to a once-off non-cash item.


  • Cement Sales Volumes: Increased by 36.6%.
  • Revenue: Increased by 90.9% in rand terms to R3,346 million.
  • EBITDA Margin: Slightly reduced to 20.2% (FY23: 20.8%).

Discontinued Operations – Rwanda (CIMERWA)

  • Sale: PPC sold its 51% shareholding in CIMERWA for US$42.5 million.
  • Profit on Disposal: R197 million.

Dividend Declaration

  • Ordinary Dividend: R213 million (13.7 cents per share) declared for the year ended 31 March 2024, payable on 15 July 2024.

Strategic Plan and Outlook

PPC is focusing on unlocking internal value, improving operational efficiency, and restructuring its organisation to ensure a sustainable future. The new executive team aims to address past decision-making gaps, enhance data accuracy, and foster a no-nonsense, get-things-done culture. The company is committed to principles of integrity, urgency, safety, agility, and cost consciousness to navigate high input costs and subdued demand.

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