PPC reports 3% increase in revenue

PPC reports 3% increase in revenue
22 June 2021

South Africa’s PPC has reported a three per cent YoY increase in group revenue for the year ended 31 March 2021, rising to ZAR8938m (US$626.07m) from ZAR8671m, due to a recovery in cement sales following the easing of lockdown restrictions. Opportunistic cement sales resulting from its ability to respond to an increase in demand in some markets also contributed to revenue growth. Excluding Zimbabwe, group revenue increased by seven per cent YoY, according to the group.

"The group experienced volatile and challenging trading conditions in most of its markets due to the ongoing COVID-19 pandemic and its impact on economic activity. The group’s results were adversely impacted by the 75 per cent depreciation of the Zimbabwean dollar against the South African rand, thus reducing PPC Zimbabwe’s contribution to group profitability," said the group in its financial report.

Group EBITDA increased 16 per cent YoY to ZAR1598m from ZAR1381m in the FY2019-20, with an EBITDA margin of 17.9 per cent (March 2020: 15.9 per cent). Excluding PPC Zimbabwe, the group’s EBITDA from continuing operations increased by 66 per cent.

The group profit for the year from continuing operations reached ZAR1023m, up from a ZAR678m loss last year, while the loss from discontinued operations was ZAR1141m in the FY20-21.

Published under Cement News