Although COVID-19 related lockdowns unfavourably impacted CIMERWA’s cement volumes in the first half of FY22, cement demand rebounded strongly in the second half post the easing of the lockdown restrictions, PPC has reported. Retail demand, exports and government-funded projects were the main drivers of the rebound in demand.
For the 12 months ended 31 March 2022, cement sales volumes increased by 20% year-on-year while revenues increased by 7% to R1 209 million (March 2021: R1 128 million). Compared to the 12 months ended 31 March 2020, volumes and revenues increased by 30% and 29%, respectively.
The rand strength against the functional currency impacted revenue contribution. EBITDA of R341 million was in line with the prior comparable period (March 2021: R342 million), while the EBITDA margin reduced to 28,2% (March 2021: 30,3%).