PPC Zimbabwe revenue declines by 20%

PRETORIA Portland Cement (PPC) says revenue at its Zimbabwean entity declined by 20%, compared to last year, due to a weaker cement market, clinker shortages and depreciation in the functional currency in the second half of the financial year.

In its consolidated financial statements for the year-ended March 31, 2019, the regional cement maker said revenue declined by 20% to R1 447 million from the R1 813 million achieved in the same period last year.

“The successful implementation of our route-to-market strategy has enabled PPC to offset some of these headwinds, with volumes declining by 5%,” the company said.

This story is for NewsDay subscribers.