Chronicle Editor
CEMENT manufacturing giant PPC yesterday said total volumes at its international subsidiaries sold reported double digit growth in July this year compared to the same month last year.
This comes at a time when businesses worldwide have been affected by the slow down in economic activity due to the Covid-19 induced lockdowns.
“The demand is especially strong in Zimbabwe and Rwanda and the growth of sales volumes during July has been positive in the DRC as well,” the company said in a trading update.
“The increased sales volumes and the effect of the cost reduction and cash preservation measures have resulted in cash flows for the last months showing a positive trajectory.”
PPC’s cement operations ramped up in May 2020 post the Covid-19 restrictions imposed at the end of March 2020 across most of the jurisdictions in which the group operates.
Also, the double digit year-on-year growth of cement volumes in South Africa during June continued in July as cement sales volumes in that country once again showed double digit growth compared to July 2019.
“This was achieved on the back of the strong reduction of imports. Also, the resumption of construction activities and the temporary effect of high activity in construction projects to catch up on the delivery of these projects have had a positive impact,” the company said.
PPC said it will continue implementing measures to reduce costs and increase cash generation from its operations.
The firm expects to announce the year ended 31 March 2020 financial results by no later than 30 September this year. — New Ziana
Online Reporter