PPC says revenues from the group’s operations in both Zimbabwe and Rwanda were materially stronger than the comparable period increasing by 58 percent (US$ parallel rate) and 19 percent (in ZAR) respectively.
“Group cement sales volumes (including Zimbabwe and Rwanda) for the five months ended August 2023 were three percent higher than the comparable period due to exceptionally strong growth in Zimbabwe and, to a lesser extent, Rwanda, while cement volumes continued to decline in South Africa.
“While the materials business continued to see a decline in volumes, the cost reduction actions and price increases implemented resulted in EBITDA turning from negative in the comparable period to neutral in the five months ended August 2023,” PPC said in an update for the five months ended August 2023.