Cement News tagged under: South Africa
PPC29 June 2016, Published under Cement NewsIn the six months ended 31 March, 2016, PPC saw its group revenue dip by one per cent to ZAR4.5bn (US$294.01m). Group EBITDA was up by two per cent to ZAR1.1bn with an EBITDA margin of 25.4 per cent, mainly due to improved efficiencies and cost savings as part of the company’s Profit Improvement Programme. The programme, which aims to deliver ZAR400m by 2017, generated ZAR178m in the six months in question, taking the running total to ZAR390m. According to the company, this has mainly been a... |
South Africa: PPC lines up banks for rights issue28 June 2016, Published under Cement NewsSouth African’s largest producer, PPC, has announced that it has come to an agreement with four banks to underwrite its proposed ZAR4bn (US$260m) rights issue, Reuters Africa reports. The Standard Bank of South Africa Limited, Nedbank Limited, Absa Bank Limited and FirstRand Bank have been appointed to oversee the offer process, with Standard Bank also taking the role of global co-ordinator. An extraordinary general meeting is expected to be convened on or around 27 July 2016 to approv... |
PPC planning for the long term17 June 2016, Published under Cement NewsSouth Africa's cement market expanded 7.7 per cent in 2015, but a more competitive environment including new entrants and imports has placed pressure on incumbents, not least the market leader PPC. The company is now facing short-term funding issues as it seeks to execute new projects in Ethiopia, DR Congo and Zimbabwe, but in the long term a more diversified portfolio will strengthen the company. Updating shareholders this week, PPC reported that operating profits fell by three per cent ... |
PPC sees six-month revenues and volumes flat14 June 2016, Published under Cement NewsIn its trading figures for the six months to 31 March 2016, PPC saw its operating profits fall by three per cent to ZAR733m (US$48m). Revenues were flat at ZAR4501m (US$294m), down one per cent on the same period in 2015. Likewise, volume sales were down one per cent overall, although in South Africa volumes rose by one per cent. Despite higher volumes, revenues in South Africa fell due to lower prices, while in the rest of Africa revenues rose by six per cent to ZAR1367m (US$89m). This f... |
South Africa: PPC shares drop24 May 2016, Published under Cement NewsPPC Ltd shares plunged after it said talks with a credit ratings agency will probably lead to a downgrade. The company is preparing a capital raising of ZAR4bn (US$254m) to be used to reduce debt and fund expansion plans, PPC said in a statement. It said shareholders will be advised on the credit agency’s final decision when it has the information. PPC stock declined 18 per cent, its largest drop on record, to ZAR11.25 on Monday. Company shares are down 27 per cent for the year. To co... |
PPC29 April 2016, Published under Cement NewsAccording to PPC, cement consumption in South Africa reached 13Mt in 2015, up 7.7 per cent on the previous year. The growth is attributed to strong demand from the construction sector, particularly projects involving new power stations and hydroelectric plants. The opening quarter of the year saw the fastest sales growth YoY with 15.6 per cent. The second quarter was far more subdued with 1.5 per cent but was followed by more than seven per cent expansion in the last two quarters of the year... |
Dangote: Nigeria’s currency woes will not alter expansion plans22 April 2016, Published under Cement NewsDangote Cement’s annual general meeting, held in Lagos, has seen Aliko Dangote set out his plans to grow the business despite worsening economic conditions, particularly in the company’s Nigerian base. According to reports in This Day, Mr Dangote claimed that foreign exchange volatility – a reference to the Nigerian government’s resistance to calls to devalue the naira – would have no significant impact on the company and its expansionary strategy. Addressing the AGM, Mr Dangote said: ... |
South Africa: Cement sales up 7.7% in 201519 April 2016, Published under Cement NewsConsumption of cement in South Africa rose by 7.7 per cent YoY in 2015 following a drop in sales the previous year. According to figures released by PPC, volumes reached 13Mt in 2015 thanks to strong demand from the construction sector. Responding to the news, Business Day pointed to the positive impact from projects to build new power stations and hydroelectric plants. Sales grew fastest in 1Q15, when they were up 15.6 per cent YoY. Growth in Q2 was slower at 1.5 per cent, with volume... |
PPC's acquisition of 3Q Mahuma Concrete approved14 April 2016, Published under Cement NewsSouth Africa's Competition Tribunal yesterday approved,without condition, PPC's acquisition of 3Q Mahuma Concrete, the largest independently owned ready-mix concrete supplier in southern Africa. The Competition Commission had recommended the tribunal approve the acquisition without conditions, but by late yesterday the tribunal had not communicated its decision. PPC previously disclosed that it planned to acquire the company for a maximum of ZAR183m (US$12.48m). It said the proposed ... |
PPC appoint Peter Nelson as new chairman31 March 2016, Published under Cement NewsSouth African-based PPC has appointed Peter Nelson as interim chairman of the listed cement and lime producer, following the retirement of former chairman, Bheki Sibiya, at the end of January. Nelson was appointed to the PPC board as an independent non-executive director in January this year. His experience covers manufacturing, mining, telecommunications, healthcare, leisure, property, packaging and the motor industry in listed and private entities in South Africa, the UK, Zimbabwe a... |