PPC: Strong performance by PPC Zimbabwe, the year ended 31 March 2024
PPC is currently finalising its results for the year ended 31 March 2024 (“the current period”). PPC expects earnings for the current period will differ by at least 20% from that for the previous corresponding period, being the year ended 31 March 2023 (“the prior period”).
This difference is primarily due to the current period numbers being impacted by a strong performance by PPC Zimbabwe in the current period compared to the prior period in which it had an extended kiln shutdown. In addition, in the current period, PPC Zimbabwe changed its functional currency from the Zimbabwean dollar to the United States dollar and this also had a positive impact given the elimination of net monetary losses of R131 million arising in the prior period due to hyperinflation accounting.
As reported in the operational update on 27 March 2024, due to the disposal by PPC of its 51% shareholding in CIMERWA on 25 January 2024, CIMERWA’s results for the period 1 April 2023 to 25 January 2024 will be shown as discontinued operations. The prior period comparative figures have accordingly been represented to exclude CIMERWA’s results and to disclose its results separately as discontinued operations.
The financial information on which this trading statement is based is the responsibility of the directors of PPC and has not been reviewed or reported on by the group’s independent external auditor. Full details of the groups’ performance will be contained in the group’s audited consolidated financial statements for the year ended 31 March 2024, which are expected to be released on or about 24 June 2024.
