SOUTH African cement maker PPC Limited says its Zimbabwean and South African operations now account for 99% of group revenue.
The development demonstrates the strategic importance of the Zimbabwean business.
PPC received a US$36 million dividend from its Zimbabwean subsidiary after the local operation declared and paid the dividend for the financial year-ended March 31, 2026.
The payout represented a nearly 177% increase, driven by strong volume growth.
The dividend follows a strong performance by PPC Zimbabwe, which recorded an 18% increase in sales volumes compared to the previous year, resulting in a 14,3% rise in revenue.
As a result, group revenue increased by 3,9% to R10,25 billion, largely driven by the Zimbabwean operation, while revenue from the South Africa and Botswana businesses declined by 0,4%.
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PPC is currently constructing the state-of-the-art RK3 integrated cement plant in South Africa at a cost of R3,1 billion as it seeks to expand capacity and strengthen its position in key markets.
“South Africa and Zimbabwe Cement, they jointly represent 99% of our business,” PPC chief executive officer Matias Cardarelli told shareholders during the presentation of the group's financial results for the year ended March 31, 2026.
Cardarelli said the group was creating value through the disciplined execution of its turnaround strategy, which is anchored on competitiveness, cost control and capital discipline.
He added that PPC was also generating value through strategic, value-accretive projects, including growth-oriented investments in Zimbabwe.
As part of this strategy, the group recently announced plans to build an integrated cement plant in Zimbabwe, which it believes will generate attractive returns and create long-term value.
“Different kinds of infrastructure is happening in Zimbabwe, from housing to public infrastructure to roads. We are seeing a consistent growth in the market from all segments,” Cardarelli said.
“I could not point out one in particular. All of them are growing.”