PPC Africa has predicted a 20 per cent increase in earnings for the fiscal year ended 31 March 2024, driven by a strong performance by its Zimbabwe operations. According to The Zimbabwe Mail, the previous year saw PPC Zimbabwe hit by a prolonged kiln shutdown, which had a negative impact on profit. Compared to that prior year, the latest fiscal is expected to see the headline earnings per share jump by 20 per cent.
In the 10 months to January 2024, PPC Zimbabwe reported volumes up by 41 per cent YoY on the back on a surge in residential construction, government-funded infrastructure projects and import restrictions. The Zimbabwe business, which is now reporting in US dollars to eliminate hyperinflation accounting, paid out US$4m in dividends in July 2023, followed by US$7m in November 2023. The next dividend payment is due in July this year.
