(Newpaper24) – South African cement producer PPC on Monday reported a greater than two-fold leap in annual earnings, boosted by robust performances in its African operations
, notably in Zimbabwe and Rwanda.
PPC, which has operations in six international locations, mentioned its headline earnings per Share for the full-year ended March 2018 surged to 15 cents from 7 cents a 12 months earlier.
Headline EPS is the primary revenue measure in South Africa that strips out sure one-off objects.
The overall cement sale volumes elevated 6 % to five.9 million tonnes, whereas group income rose 7 % to 10 billion rand ($744.91 million) from 9.6 billion rand within the prior 12 months.
“The efficiency from Southern Africa cement and supplies was subdued, whereas sure one-off prices had an influence on our general monetary efficiency,” Chief Govt Officer Johan Claassen mentioned in a press release.
Group core revenue, or EBITDA (earnings earlier than curiosity, tax, amortisation and depreciation), fell 9 % to 1.9 billion rand on account of prices associated to company motion, ramp up of plant within the Democratic Republic of Congo and restructuring prices.
PPC spent most of 2017 in merger discussions with cement and funding suitors together with native rival AfriSam, Nigeria’s Dangote Cement and Irish constructing supplies group CRH.
In December it concluded that it was not fascinated with promoting or shopping for belongings, ending talks a few potential takeover by Swiss group LafargeHolcim.
The South African main cement group has crops in Botswana, Zimbabwe, the Democratic Republic of Congo, Rwanda and Ethiopia.
($1 = 13.4245 rand)
Reporting by Nomvelo Chalumbira, enhancing by Louise Heavens