CEMENT producer PPC Africa expects a 20 percent increase in earnings for the year ending in March, driven by strong performance from its Zimbabwe operations.
An extended shutdown of PPC Zimbabwe’s kiln hurt annual profits last year, but recovery in the past year will drive headline earnings per share by 20%, swinging back from a group loss last year, PPC said in a notice on the Johannesburg Stock Exchange on Wednesday.
“This difference is primarily due to the current period EPS and HEPS numbers being impacted by a strong performance by PPC Zimbabwe in the current period compared to the prior period in which it had an extended kiln shutdown,” PPC says.