PPC’s Africa expansion strategy is progressing well with construction underway in Rwanda, Zimbabwe, DRC and Ethiopia, Bheki Sibiya, the executive chairman of JSE-listed cement maker, said on Tuesday.
“The feasibility study in Algeria remains in progress. Group cement sales ended 2 percent higher than last year, with improvements in export sales and the consolidation of sales from CIMERWA, our operations in Rwanda, and newly acquired Safika Cement and Pronto Readymix businesses,” Sibiya said.
Sibiya also stated that despite a challenging year, PPC posted satisfactory results, but performance was hampered by industrial action on the platinum belt which had an adverse impact on trading conditions in South Africa.This was partly offset by the consolidation of acquired operations of Safika Cement and Pronto Readymix.
Sibiya said performance in the other African segments was mixed, with existing operations marginally increasing their contribution to group revenue. Zimbabwe, the largest contributor to the company’s revenues, posted another pleasing set of results.
Sibiya said the CIMERWA upgrade remains on track to be commissioned in the first half of next year.
PPC’s total cement sales volumes improved by 2 percent for the year under review.Group revenue increased by 9 percent to R9 trillion ($812 million) mainly attributable to the consolidation of Safika Cement and Pronto Readymix as well as the full year impact of CIMERWA.
http://www.ventures-africa.com/2014/11/ppcs-plans-progressing-well-in-africa-executive-chairman/
