PPC says it has delivered its best-in-sector performance for the six months ended 30^th September 2025 with its EBITDA having increased by 23.5% to R983 million (H1 FY2025: R796 million) with its EBITDA margins having expanded by 2.6 percentage points to 18.3% (H1 FY2025: 15.7%).

Its cement business in South Africa recorded growth in EBITDA of 30.5% with EBITDA margins having increased by 3.8 percentage points to 17.5% with its Zimbabwean operations’ EBITDA having increased 13.6% to US$25 million, with a record dividend declared of US$20 million.

“We continue to deliver ahead of our FY2025 to FY2030 strategic plan. This progress is evident in profitability, margin and cash flow generation. It is also clear in the significant increase in Return on Invested Capital, which reached 13.4% from 7.1% in the comparable period. The progress is clear, but our ambition goes further – we are committed to unlocking PPC’s full potential,” comments PPC CEO, Matias Cardarelli.

The Group’s earnings per share (EPS) and headline earnings per share (HEPS) both increased to 25 cents (H1 FY2025: EPS – 22 cents, HEPS: 22 cents). Excluding the impact of unrealised foreign exchange losses of R54 million, incurred on hedges to de-risk Rand weakness for construction of its new plant in the Western Cape, EPS and HEPS would have increased by 32% to 29 cents.

“Progress is well ahead of plan, and there is more to come,” says Cardarelli.

Group revenue increased by 6.2% to R5 382 million (H1 FY2025: R5 067 million) due to growth across its cement businesses, particularly in Q2 2025.

Group cost of sales increased by 4.3% to R4 279 million (H1 FY25: R4 103 million), being a lower rate of increase than revenue which, when combined with a 5.6% decrease in administration and other operating expenses and a decrease in the provision for expected credit losses, resulted in a 37% increase in trading profit to R688 million (H1 FY25: R502 million).

PPC’s net cash inflow before financing activities increased by 30% to R661 million (H1 FY25: R500 million) before the R317 million impact on working capital in relation to the advance payment on the RK3 project.

Capital expenditure during the last six-month period totalled R225 million (H1 FY25: R186 million). The main contributor to the increase of R39 million was maintenance expenditure in Zimbabwe of R110 million (H1 FY25: R67 million) due to the planned extended shutdown in the Colleen Bawn plant as part of the three-year plant performance improvement plan. Group net cash improved to R310 million (H1 FY25: R203 million net debt).

“FY2025 marked a critical inflection point for PPC, which was the starting point of the strategic turnaround. The actions being implemented are creating the capacity to unlock internal value and increase competitiveness. Capturing market opportunities and leveraging the scale of PPC’s footprint will drive growth going forward.“

“In South Africa, dynamics in Q2 FY2026 reflects signs of recovery as the private sector is becoming more active and PPC is well positioned for the infrastructure projects at provincial level.”

“In Zimbabwe, the strong demand and PPC’s capacity advantage will drive additional revenue growth, reinforcing market leadership. A technical operational support agreement was recently signed with Sinoma Overseas to improve production efficiency and increase clinker output, amongst other initiatives.”

“The focus in the current year will remain on the implementation of the plant performance improvement plan, the execution of the new state-of-the-art plant project in the Western Cape, the ongoing pursuit of commercial opportunities to maximise contribution margin, additional distribution efficiencies and ensuring the ‘Awaken the Giant’ strategy is rolled out in Zimbabwe. Delivering on the turnaround plan, continuing to increase profitability and cash flow and maintaining disciplined capital allocation remain the priorities to ensure the group can deliver superior returns to all stakeholders.” concludes Cardarelli.