Online Reporter
Tawanda Musarurwa
ZIMBABWE has emerged as a key pillar of PPC’s next phase of growth, with the South African cement producer extending chief executive Mr Matias Cardarelli’s contract to March 2030 as the group prepares to deepen investment in the local market.
PPC said Mr Cardarelli’s extended tenure would enable him to oversee the completion of the group’s “Awaken the Giant” turnaround strategy and deliver its strategic plan to financial year 2030.
Of particular significance to Zimbabwe is the group’s plan to pursue further operational improvements and growth initiatives in the country, where PPC has recorded strong recent performance.
The company said the larger opportunities ahead included “the optimisation and growth initiatives available in Zimbabwe”, while Mr Cardarelli said the next phase of the group’s operational and commercial turnaround presented opportunities for a further step-change in performance.
The extension comes after PPC’s Zimbabwean business posted an 18 percent increase in cement sales volumes in the year ended March 2026, while earnings before interest, tax, depreciation and amortisation rose 19 percent to US$56 million.
In May, PPC also signed an agreement with Chinese cement technology and engineering company Sinoma Overseas to improve efficiencies and production at its Zimbabwean operations and assess the feasibility of a new integrated cement plant in the country.
The latest announcement therefore places Zimbabwe firmly within PPC’s longer-term growth strategy at a time when construction activity and demand for cement are expanding.
PPC chairperson Mr Jabu Moleketi said Cardarelli had transformed the group into a “structurally stronger, more competitive and more valuable company”, arguing that continuity of leadership was critical to completing the turnaround.
Mr Cardarelli was awarded 10 million PPC ordinary shares under the company’s retention-share scheme.
The shares had a deemed value of R66,3 million, based on PPC’s closing share price of R6,63 on August 25.
The retention shares will vest on March 31, 2030, aligning Mr Cardarelli’s financial interests with the delivery of PPC’s strategic plan.
PPC said the company’s market capitalisation had more than doubled since Mr Cardarelli’s appointment in December 2023.
