PPC Ltd has reported a solid operational performance for the six months ended 30 September 2025, with group EBITDA rising 23.5 per cent YoY to ZAR983m, supported by improved margins across its South African and Zimbabwean businesses.
Group revenue grew 6.2 per cent to ZAR5.38bn, underpinned by stronger second-quarter sales momentum.
EBITDA margins expanded to 18.3 per cent driven largely by the South Africa cement division, where EBITDA increased 30.5 per cent to ZAR569m and margins improved to 17.5 per cent. The group’s return on invested capital rose sharply to 13.4 per cent, from 7.1 per cent in the prior period, reflecting improved capital allocation and operational efficiencies.
Zimbabwe delivered a 23.5 per cent increase in revenue to ZAR1.9bn, supported by a 25 per cent rise in volumes after the government introduced a 30 per cent import surcharge. EBITDA increased 11 per cent to ZAR446m, although margins declined due to higher clinker import costs during an extended plant shutdown in 1Q25.
Group headline earnings per share rose 15 per cent to 25 cents, or 29 cents when adjusted for unrealised foreign exchange losses linked to hedging for the new Western Cape plant. Net cash inflow before financing activities increased 30 per cent to ZAR661m, before accounting for a ZAR317m advance payment on RK3.
PPC said its “Awaken the Giant” turnaround strategy is ahead of schedule, highlighting stronger competitiveness, improving cash flow and continued cost discipline. The company remains positive on second-half demand trends, supported by private-sector construction activity in South Africa and sustained market strength in Zimbabwe. A dividend decision will be made at year-end in line with PPC’s capital allocation policy.
