PPC Cement's Zimbabwean cement sales volume contracted by 25-30 per cent in the four months ended 30 June 2019. The country has been hit by fuel and electricity shortages and other economic pressures.
"Overall cement sales volumes contracted by between 25-30 per cent due to a weaker economic climate. Cement pricing, which was aligned with input cost inflation, was higher than the previous comparable period," PPC said.
"Trading conditions in Zimbabwe remain challenging, due to liquidity constraints and inflationary pressures. PPC remains focussed on optimising its local operations and implementing its cash preservation strategy to ensure the business is self-sufficient," the group said.
The devaluation of the currency against the US dollar also impacted revenues by 30-25 per cent, according to PPC.
